<SEC-DOCUMENT>0000844059-15-000010.txt : 20150508
<SEC-HEADER>0000844059-15-000010.hdr.sgml : 20150508
<ACCEPTANCE-DATETIME>20150508165751
ACCESSION NUMBER:		0000844059-15-000010
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150508
DATE AS OF CHANGE:		20150508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRP HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000844059
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		IRS NUMBER:				472449198
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36769
		FILM NUMBER:		15847644

	BUSINESS ADDRESS:	
		STREET 1:		200 W. FORSYTH ST.
		STREET 2:		7TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043965733

	MAIL ADDRESS:	
		STREET 1:		200 W. FORSYTH ST.
		STREET 2:		7TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT TRANSPORTATION HOLDING INC
		DATE OF NAME CHANGE:	20010425

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRP PROPERTIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>frphmarq15.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">q&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">_________________</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 10-Q</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">_________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 8pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(Mark One)</FONT></TD>
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 12pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-bottom: 6pt; font: 9pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>[X]</B></FONT></TD>
    <TD STYLE="width: 70%">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>QUARTERLY REPORT PURSUANT TO SECTION
        13 OR 15(d)<BR>
        OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><BR>
        For the quarterly period ended March 31, 2015.</B></P></TD>
    <TD STYLE="width: 15%; font: 12pt Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.5pt 0 0; text-align: center"><B>or </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-bottom: 6pt; font: 9pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>[_]</B></FONT></TD>
    <TD STYLE="width: 70%">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>TRANSITION REPORT PURSUANT TO SECTION
        13 OR 15(d)<BR>
        OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><BR>
        For the transition period from_________ to _________</B></P></TD>
    <TD STYLE="width: 15%; font: 12pt Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.5pt 0 0; text-align: center; text-indent: 0.5in"><B>&nbsp;Commission
File Number: 001-36769</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 3.75pt 0 0; text-align: center"><B>FRP HOLDINGS, INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Courier New, Courier, Monospace">
<TR>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Florida</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 7.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>47-2449198</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0.65pt; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>200 W. Forsyth St., 7th Floor,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jacksonville, FL</B></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 7.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32202</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 8pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.5pt 0 0; text-align: center"><B>904-396-5733</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&#8217;s telephone number, including
area code)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;[x]&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;[_]</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;[x]&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;[_]</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;non-accelerated filer&#8221; and &#8220;smaller
reporting company&#8221; in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated&nbsp;filer [_]</FONT></TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated &nbsp;filer [x]</FONT></TD></TR>
<TR>
    <TD STYLE="font: 4pt Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer [_] &nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company [_]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;[_]&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;[x]</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt">Indicate the number of shares outstanding of each of the issuer&#8217;s
classes of common stock, as of the latest practicable date.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Courier New, Courier, Monospace">
<TR>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Class</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outstanding at March 31, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock, $.10 par value</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,770,770 shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: center">FRP HOLDINGS, INC.</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: center">FORM 10-Q</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: center">QUARTER ENDED MARCH 31, 2015</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: center">CONTENTS</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: right">Page No.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Preliminary Note Regarding Forward-Looking Statements </FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace">Part I.&nbsp;&nbsp;Financial Information</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Item&nbsp;1.</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Financial Statements</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Consolidated Balance Sheets</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Consolidated Statements of Income</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Consolidated Statements of Cash Flows</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Condensed Notes to Consolidated Financial Statements</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Item&nbsp;2.</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Management's Discussion and Analysis of Financial Condition and Results of Operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Item&nbsp;3.</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Quantitative and Qualitative Disclosures about Market Risks</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Item&nbsp;4.</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Controls and Procedures</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace">Part II.&nbsp;&nbsp;Other Information</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Item&nbsp;1A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Item&nbsp;2.</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Purchase of Equity Securities by the Issuer</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Item&nbsp;6.</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Exhibits</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Signatures</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Exhibit 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">41</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Exhibit 32</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">44</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Preliminary Note Regarding Forward-Looking
Statements.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">Certain matters discussed in this
report contain forward-looking statements, including without limitation relating to the Company's plans, strategies, objectives,
expectations, intentions, capital expenditures, future liquidity, plans and timetables for completion of pending development projects
and other transactions. The words or phrases &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8221;believe,&#8221; &#8220;budget,&#8221;
&#8220;continue,&#8221; &#8220;could,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221;
&#8220;predict,&#8221; &#8220;seek,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221;
&#8220;objective,&#8221; &#8220;projection,&#8221; &#8220;forecast,&#8221; &#8220;goal,&#8221; &#8220;guidance,&#8221; &#8220;outlook,&#8221;
&#8220;effort,&#8221; &#8220;target&#8221; and similar expressions identify forward-looking statements. The following factors and
others discussed in the Company&#8217;s periodic reports and filings with the Securities and Exchange Commission are among the
principal factors that could cause actual results to differ materially from the forward-looking statements: uncertainties as to
whether the Company will recognize the benefits of the spin-off of the transportation group; uncertainties as to whether the Company
can complete, and the timetable for completion of pending or proposed development projects and other transactions; levels of construction
activity in the markets served by our mining properties; risk insurance markets; availability and terms of financing; competition;
interest rates, inflation and general economic conditions; demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern
Virginia area; and ability to obtain zoning and entitlements necessary for property development. However, this list is not a complete
statement of all potential risks or uncertainties.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">These forward-looking statements
are made as of the date hereof based on management&#8217;s current expectations, and the Company does not undertake an obligation
to update such statements, whether as a result of new information, future events or otherwise. Additional information regarding
these and other risk factors may be found in the Company&#8217;s other filings made from time to time with the Securities and Exchange
Commission.</P>


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<P STYLE="font: bold 11pt Courier New, Courier, Monospace; margin: 0; text-align: center">PART I. FINANCIAL INFORMATION, ITEM 1.
FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 11pt Courier New, Courier, Monospace; margin: 0; text-align: center">FRP HOLDINGS, INC. AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify">(Unaudited) (In thousands, except share data)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">September 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace"><B>Assets:</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Real estate investments at cost:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Land</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 13%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">102,339</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 17%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">102,146</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Buildings and improvements </FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">174,067</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">164,317</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Projects under construction</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,095</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">8,971</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments in properties</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">277,501</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">275,434</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Less accumulated depreciation and depletion</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">71,072</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">67,998</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investments in properties</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">206,429</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">207,436</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Real estate held for investment, at cost</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">7,306</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">7,304</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Real estate held for sale, at cost</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,698</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,473</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Investment in joint ventures</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">18,665</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">18,537</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net real estate investments</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">237,098</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">237,750</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Cash and cash equivalents</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">691</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,013</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Cash held in escrow</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">61</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Account receivable</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">981</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,127</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Federal and state income taxes receivable</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,776</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Assets of discontinued operation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">61,134</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Unrealized rents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,811</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,780</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred costs</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">6,528</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">7,027</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Other assets</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">174</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">179</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total assets</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">252,085</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">313,071</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace"><B>Liabilities:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Secured notes payable, less current portion</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">38,135</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">41,059</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Secured notes payable, current portion</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,049</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,534</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Line of credit payable</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">11,304</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">10,363</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,472</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,948</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Environmental remediation liability</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">926</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,771</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred revenue</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">365</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">872</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Federal and state income taxes payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">572</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred income taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">14,658</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">12,969</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Liabilities of discontinued operation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">28,412</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred compensation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,328</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,247</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred lease intangible, net</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">74</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">103</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Tenant security deposits</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">887</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">906</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">74,198</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">106,756</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Commitments and contingencies (Note 8)&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;-</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace"><B>Equity:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Common stock, $.10 par value</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">25,000,000 shares authorized,</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">9,770,770 and 9,703,270 shares issued</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 13.5pt">and outstanding, respectively</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">977</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">970</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Capital in excess of par value</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">49,542</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">47,892</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Retained earnings</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">127,380</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">157,413</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Accumulated other comprehensive (loss) income,</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 13.5pt">net</P></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(12</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">40</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders&#8217; equity</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">177,887</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">206,315</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total liabilities and shareholders&#8217; equity</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">252,085</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">313,071</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.1pt 0 0">See accompanying notes.<BR CLEAR="ALL">
</P>


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<P STYLE="font: bold 11pt Courier New, Courier, Monospace; margin: 0 22.1pt 0 0; text-align: center">FRP HOLDINGS, INC. AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.1pt 0 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF INCOME</B></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.1pt 0 0; text-align: center">(In thousands except per share
amounts)</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.1pt 0 0; text-align: center">(Unaudited)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">THREE MONTHS ENDED</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">SIX MONTHS ENDED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">MARCH 31,</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">MARCH 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Revenues:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenue</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5,879</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5,291</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">11,747</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">10,391</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty and rents</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,315</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,203</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,635</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,448</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue - reimbursements</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,754</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,513</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,868</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,397</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Total Revenues</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">8,948</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">8,007</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">17,250</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">15,236</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Cost of operations:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation,
        depletion and</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 49.5pt">amortization</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,878</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,693</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,761</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,299</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,755</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,487</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,669</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,395</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,234</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">879</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,329</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,719</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management company indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">442</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">403</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">794</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">784</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,480</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,076</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,193</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,394</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Total cost of operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">6,789</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5,538</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">12,746</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">10,591</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Total operating profit</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,159</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,469</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,504</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,645</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Interest income</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Interest expense</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(620</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(310</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(1,065</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(599</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Equity in loss of joint ventures</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(150</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(31</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(180</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(63</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(Loss) gain on investment land sold</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">22</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(20</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">78</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Income from continuing operations before</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 9pt">income taxes</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,386</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,150</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,239</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,062</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Provision for income taxes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">541</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">838</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,263</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,584</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Income from continuing operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">845</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,312</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,976</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,478</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Gain from discontinued transportation operations, net of taxes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">516</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">392</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,179</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,566</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,361</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,704</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,155</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,044</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Earnings per common share:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;Income from continuing operations-</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.09</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.20</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.26</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.09</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.20</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.26</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;Discontinued operations-</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.05</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.04</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.23</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.16</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.05</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.04</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.22</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.16</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;Net Income-</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.18</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.43</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.42</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.18</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.42</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.42</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Number of shares (in thousands)</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;used in computing:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;-basic earnings per common share</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,749</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,619</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,730</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,593</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;-diluted earnings per common share</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,818</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,707</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,813</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,690</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: left"><FONT STYLE="font-weight: normal">See
accompanying notes.</FONT></P>


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<P STYLE="font: bold 11pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: center">FRP HOLDINGS, INC. AND SUBSIDIARIES</P>

<P STYLE="font: bold 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0; text-align: center">CONSOLIDATED STATEMENTS OF
CASH FLOWS</P>

<P STYLE="font: bold 11pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: center">SIX MONTHS ENDED MARCH 31,
2015 AND 2014</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: center">(In thousands) (Unaudited)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Cash flows from operating activities:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Net income</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 12%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,155</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 12%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,044</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Adjustments to reconcile net income to net cash</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;provided by operating activities:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Income from discontinued operations, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,179</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(1,566</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,851</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,384</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,583</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">372</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Equity in loss of joint ventures</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">180</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">63</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Loss (Gain) on sale of equipment and property</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">120</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(74</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Stock-based compensation</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">754</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">960</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Net changes in operating assets and liabilities:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">146</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,516</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred costs and other assets</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(180</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(102</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,828</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,139</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable and receivable</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,348</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(1,379</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">33</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">50</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net cash provided by operating activities of continuing&nbsp;operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,287</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5,129</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net cash provided by operating activities of discontinued &nbsp;operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,984</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,655</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net cash provided by operating activities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">8,271</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">8,784</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Cash flows from investing activities:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Investments in property, plant and equipment</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,429</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(4,797</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Cash held in escrow </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,349</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Investment in joint ventures</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(311</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(210</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Proceeds from the sale of real estate held for investment,&nbsp;&nbsp;&nbsp;property, plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">78</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Net cash used in investing activities of continuing</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">operations</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,705</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(3,580</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Net cash used in investing activities of discontinued</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">operations</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,694</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(15,346</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net cash used in investing activities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(5,399</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(18,926</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace"><B>Cash flows from financing activities:</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Repayment of long-term debt</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(3,409</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(2,120</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Proceeds from borrowing on revolving credit facility </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">15,123</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Payment on revolving credit facility</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(14,182</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Excess tax benefits from exercises of stock options</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;730</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;539</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Exercise of employee stock options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">175</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">669</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Net cash used in financing activities of continuing</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">operations</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(1,563</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(912</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net cash (used in) provided by financing activities of &nbsp;discontinued operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(1,631</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">11,684</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net cash (used in) provided by financing activities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(3,194</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">10,772</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net (decrease) increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(322</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">630</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cash and cash equivalents at beginning of period</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,013</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">502</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cash and cash equivalents at end of the period</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">691</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,132</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">See accompanying notes.</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: center"><B>FRP HOLDINGS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0; text-align: center">&#9;<B>CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0; text-align: center"><B>MARCH 31,
2015</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&#9;(Unaudited)</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>(1)</B> <B>Basis of Presentation</B>.
The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the &#8220;Company&#8221; or &#8220;FRP&#8221;)
inclusive of our operating real estate subsidiaries, FRP Development Corp. (&#8220;Development&#8221;) and Florida Rock Properties,
Inc. (&#8221;Properties&#8221;) subsequent to the completed spin-off (the &#8220;Spin-off&#8221;) of our transportation assets
into a new, publicly traded entity, Patriot Transportation Holding, Inc. (&#8220;Patriot&#8221;; stock symbol &#8220;PATI&#8221;)
effective January 30, 2015. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued
operation that cannot receive any corporate overhead allocation. Hence, all corporate overhead of the transportation group through
the date of the spin-off is included in &#8220;corporate expense&#8221; on the Company&#8217;s consolidated income statements herein.
See Note 3 for a breakdown of corporate expenses showing the amounts per the Company&#8217;s segments, the unallocated to any segment
and the unallocated to discontinued operations. Reclassifications to the appropriate prior period line items and amounts have been
made to be comparable to the current presentation. Our investment in the 50% owned Brooksville Joint Venture and in the Riverfront
Investment Partners I, LLC are accounted for under the equity method of accounting (See Note 13). 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 six months ended March 31, 2015 are not necessarily indicative of the results that may
be expected for the fiscal year ending September 30, 2015. The accompanying consolidated financial statements and the information
included under the heading &quot;Management's Discussion and Analysis of Financial Condition and Results of Operations&quot; should
be read in conjunction with the Company's consolidated financial statements and related notes included in the Company&#8217;s Form
10-K for the year ended September 30, 2014.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Courier New, Courier, Monospace">Following
the completion of the spin-off of the transportation business on January 30, 2015, management conducted a strategic review of the
Company&#8217;s real estate operations.&nbsp; As a result of this review, information that the Company&#8217;s chief operating
decision maker (its chief executive officer) regularly reviews for purposes of allocating resources and assessing performance changed.
Therefore, beginning in fiscal year 2015, the Company will report its financial performance based on the three reportable segments
described below.&nbsp; Beginning with the quarter ending March 31, 2015, our financial statements will reflect the new reporting
structure with prior periods adjusted accordingly</FONT>.&nbsp;</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">Our Mining and Royalties segment
stays the same, but based on our strategic review the Developed Property Rentals segment has been broken down into an Asset Management
segment and a Land Development and Construction segment to reflect how management now evaluates the real estate activities previously
presented in the Developed Property Rentals segment. The Asset Management segment contains all the developed buildings capable
of producing current rental income; the Land Development and Construction segments contains the remaining developable land not
yet developed to its eventual highest and best use potential where the Company's focus is to add further entitlements, construct
vertical improvements or market the property to third parties all in an effort to bring such property to income producing status
or realization of its fair market value through sales or exchange. This Land Development and Construction segment is generally
in a pre-income production state where objectives are long term capital investment for eventual production of long-term rental
streams or capital investment to achieve highest potential market value for sale to third parties.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><B>(2)</B> <B>Recently Issued Accounting
Standards.</B> In January 2015, the FASB issued ASU 2015-01, &quot;Income Statement&#8212;Extraordinary and Unusual Items (Subtopic
225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.&quot; This guidance is effective
for annual periods beginning on or after December 15, 2015 and interim periods within those years, with early adoption permitted.
Effective first quarter 2015, the Company adopted ASU 2015-01 and will apply the new guidance, as applicable.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">In April 2015, the FASB issued ASU No. 2015-03,
&#8220;Simplifying the Presentation of Debt Issuance Costs&#8221;, which relates to the financial statement presentation of debt
issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt
liability rather than an asset. The guidance is effective for annual and interim periods beginning after December 15, 2015 and
early adoption is permitted and will only result in a change in presentation of these costs on our balance sheets.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>(3)</B> <B>Business Segments.</B> The
Company operates in three reportable business segments (i) Asset Management and (ii) Mining Royalty Land and (iii) Land Development
and Construction. The Asset Management segment owns, leases, manages and operates commercial office/warehouse buildings primarily
located in the Baltimore/Northern Virginia/Washington, DC area. The Mining Royalty Land segment owns real estate predominately
in Florida and Georgia that is leased to mining companies in exchange for royalty or land rental income. The Land Development and
Construction segment acquires, owns, entitles, and develops land to be used for income production via (i) construction by the Company
of warehouse/office uses for our Asset Management segment, or (ii) other commercial, residential or mixed use projects through
joint ventures or sales to third parties.</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Subsequent to the Spin-off, the Company is
receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services)
which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective
as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included
in the Company&#8217;s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily
stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as &#8220;unallocated&#8221; on the
Company&#8217;s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former
transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation.
Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in &#8220;corporate expense&#8221;
on the Company&#8217;s consolidated income statements herein. Reclassifications to the appropriate prior period line items and
amounts have been made to be comparable to the current presentation.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Operating results and certain other financial
data for the Company&#8217;s business segments are as follows (in thousands):</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Three Months ended</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Six Months ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Revenues:</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Asset management</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: black">7,330</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">6,580</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">14,087</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">12,340</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: black">1,335</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,226</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;2,679</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;2,494</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;Land development and</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">construction</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;283</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;201</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;484</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;402</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">8,948</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;8,007</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">17,250</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">15,236</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Operating profit:</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Asset management</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,187</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,840</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">6,573</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5,548</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,191</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,068</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,391</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,196</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Land development and construction</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;(739</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(363</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(1,267</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(705</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Corporate expenses:</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Allocated to asset management</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(236</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(178</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(426</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(356</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Allocated to mining royalty</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(250</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(189</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(451</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(378</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in; text-align: left">Allocated to land development</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">and construction</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(140</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(105</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(251</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(210</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Unallocated</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(692</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(418</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(984</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(553</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Unallocated to discontinued ops.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(162</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(186</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(1,081</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(897</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(1,480</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(1,076</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(3,193</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(2,394</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,159</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,469</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,504</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,645</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Interest expense:</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 0 0 13.5pt; text-indent: -13.5pt">&nbsp;Asset management</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">620</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">310</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,065</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">599</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Land development and construction</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">620</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;310</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,065</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">599</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Depreciation, depletion and</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Amortization:</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 0 0 13.5pt; text-indent: -13.5pt">&nbsp;Asset management</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,776</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,619</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,562</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,151</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">30</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">28</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">61</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">56</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Land development and construction</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">72</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">46</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">138</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">92</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,878</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,693</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,761</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,299</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Capital expenditures:</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">Land development and construction</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">and Asset Management:</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Capitalized interest</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">248</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">477</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">569</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">993</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Internal labor</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">85</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">100</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">184</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">195</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Real estate taxes</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">39</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">66</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">40</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Other costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">319</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">436</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,610</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,570</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">691</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,029</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,429</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,798</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">September 30,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Identifiable net assets</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">Asset management</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">152,222</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">144,420</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">40,459</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">39,368</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Land development and construction</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;57,459</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;67,136</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;Discontinued operations</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">-</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">59,465</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Cash items</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">717</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,074</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Unallocated corporate assets</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,228</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,608</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">252,085</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">313,071</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Courier New, Courier, Monospace"><B>(4)</B></FONT>
<B>Related Party Agreements with Patriot. </B><FONT STYLE="font-family: Courier New, Courier, Monospace">In order to affect the
Spin-off and govern our relationship with Patriot Transportation Holding, Inc. after the Spin-off, we entered into an Employee
Matters Agreement and a Transition Services Agreement. The Employee Matters Agreement generally allocates responsibilities to each
company for liabilities relating to each company&#8217;s current and former employees and allocated responsibilities under employee
benefit plans. The Transition Services Agreement sets forth the terms on which Patriot is providing to FRP certain services that
were shared prior to the Spin-off, including the services of certain shared executive officers, for a period of 12 or more months
after the Spin-off.</FONT></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The consolidated statements of income reflects
charges and/or allocations from Patriot for these services of $643,000 and $890,000 for the three months ended March 31, 2015 and
2014, and $1,437,000 and $1,497,000 for the six months ended March 31, 2015 and 2014, respectively. Included in the charges above
are amounts recognized for stock-based executive compensation expense. These charges are reflected within corporate expenses on
the consolidated statements of income.</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">To determine these allocations between FRP
and Patriot, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses
and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP&#8217;s operations but
any such related-party transactions cannot be presumed to be carried out on an arm&#8217;s-length basis as the terms were negotiated
while Patriot was still a subsidiary of FRP.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Courier New, Courier, Monospace"><B>(5)</B>
<B>Long-Term debt</B></FONT><B>. </B><FONT STYLE="font-family: Courier New, Courier, Monospace">Long-term debt is summarized as
follows (in thousands):</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">September 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Revolving credit (uncollateralized)</FONT></TD>
    <TD STYLE="width: 4%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 11%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">11,304</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">10,363</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5.6% to 7.9% mortgage notes</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;due in installments through 2027</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">42,184</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">45,593</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">53,488</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">55,956</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Less portion due within one year</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,049</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,534</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">49,439</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">51,422</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">On January 30, 2015, in connection
with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo Bank, N.A. in 2012 and
simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount of $20 million and
a $10 million sublimit available for standby letters of credit. At September 30, 2014, prior to the Spin-off, the total amount
outstanding on the credit facility was $17,645,000 of which the Company was allocated $10,363,000 and Patriot was allocated $7,282,000.&nbsp;
On the day of the spin-off the Company refinanced $10,483,000 into the Company&#8217;s new credit facility and Patriot refinanced
$5,142,000 into Patriot&#8217;s new credit facility. As of March 31, 2015, there was $11,304,000 outstanding on the Company&#8217;s
new credit facility and $2,610,000 outstanding under letters of credit and $6,086,000 available for borrowing and the Company was
in compliance with all its loan covenants.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">In January 2015 the Company prepaid
the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest
expense. The remaining deferred loan costs of $15,000 were also included in interest expense.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">The fair values of the Company&#8217;s
mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
At March 31, 2015, the carrying amount and fair value of such long-term debt was $42,184,000 and $46,048,000, respectively.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>(6)</B> <B>Earnings per share.</B> The
following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Three Months ended</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Six Months ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">March 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Weighted average common shares</FONT></TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;outstanding during the period</FONT></TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;- shares used for basic</FONT></TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;earnings per common share</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,749</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 11%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,619</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,730</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,593</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Common shares issuable under</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;share based payment plans</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;which are potentially dilutive</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">69</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">88</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">83</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">97</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Common shares used for diluted</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;earnings per common share</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,818</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,707</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,813</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,690</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Income from continuing operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">845</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,312</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,976</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,478</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Discontinued operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;516</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;392</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,179</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,566</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Net income</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,361</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,704</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,155</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,044</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Basic earnings per common share:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Income from continuing operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.09</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.26</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Discontinued operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.05</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.04</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.16</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Net income</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.18</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.43</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.42</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Diluted earnings per common share:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Income from continuing operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.09</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.26</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Discontinued operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.05</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.04</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.22</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.16</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;Net income</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.14</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.18</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.42</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.42</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">For the three and six months ended March
31, 2015, 56,110 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 and six months ended March 31, 2014, 26,334 and 31,790
shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per common share because
their inclusion would have been anti-dilutive.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Courier New, Courier, Monospace"><B>(7)</B></FONT><B>
<FONT STYLE="font-family: Courier New, Courier, Monospace">Stock-Based Compensation Plans</FONT>. </B> <FONT STYLE="font-family: Courier New, Courier, Monospace">As
more fully described in Note 7 to the Company&#8217;s notes to the consolidated financial statements in the Company&#8217;s Annual
Report on Form 10-K for the year ended September 30, 2014, the Company&#8217;s stock-based compensation plan permits the grant
of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common
shares available for future issuance was 419,170 at March 31, 2015. </FONT></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">As a result of the Spin-off and pursuant
to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding FRP stock options.
All outstanding options held by the Company directors, Company officers and key employees on January 30, 2015 were cancelled and
replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the
when issued market value of the Company on that</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">day. For FRP officers additional options
were issued rather than issuing Patriot options for the 24.86% market value attributed to Patriot. The adjusted stock options are
subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the Spin-off,
except as otherwise described above.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">Subsequent to Spin-off, the realized
tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off
will be recognized by FRP or Patriot based on the employment location of the related employee or director.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">T<FONT STYLE="font-family: Courier New, Courier, Monospace">he
Company recorded the following stock compensation expense (including unallocated to Patriot in periods prior to the Spin-off) in
its consolidated statements of income (in thousands):</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Three Months ended</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Six Months ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Stock option grants</FONT></TD>
    <TD STYLE="width: 2%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 9%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">46</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">93</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">218</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">262</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Annual director stock award</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">536</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">698</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">536</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">698</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">582</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">791</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">754</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">960</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A summary of changes in outstanding options
is presented below (in thousands, except share and per share amounts):</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Weighted</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Weighted</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Weighted</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Number</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Average</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Average</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Average</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">of</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Exercise</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Remaining</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Grant Date</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font: 11pt Courier New, Courier, Monospace"><U>Options</U></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Shares</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Price</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Term (yrs)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Fair Value</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Outstanding at</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;October 1, 2014</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">326,830</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 13%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">25.43</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5.0</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 15%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,481</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Spin-off adjustment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(865</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Spin-off conversion</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">17,795</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">20.63</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">155</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Granted</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">39,425</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">26.97</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">432</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Forfeited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(6,000</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">14.97</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(35</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;Exercised</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(51,300</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">13.27</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(297</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Outstanding at</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;March 31, 2015</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">326,750</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">21.35</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">6.0</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,871</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Exercisable at</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;March 31, 2015</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">234,847</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">20.21</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5.1</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,884</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Vested during</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;six months ended</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;March 31, 2015</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">37,546</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">329</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The aggregate intrinsic value of exercisable
in-the-money options was $3,083,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,917,000 based
on the market closing price of $36.40 on March 31, 2015 less exercise prices.</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The realized tax benefit to the Company or
Patriot from options exercised in the six months ended March 31, 2015 was $406,000. The unrecognized compensation cost of options
granted but not yet vested as of March 31, 2015 was $823,000, which is expected to be recognized over a weighted-average period
of 3.6 years. Gains of $1,048,000 were realized by option holders during the six months ended March 31, 2015.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>(8)</B> <B>Contingent liabilities</B>.
Certain of the Company&#8217;s subsidiaries are involved in litigation on matters and are subject to certain claims which arise
in the normal course of business. The Company is fully insured and does not retain any self-insurance risk with respect to losses
for third party liability and property damage.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Courier New, Courier, Monospace">Preliminary
testing on the site of the Company's four phase master development known as Riverfront on the Anacostia in Washington, D.C. indicated
the presence of contaminated soils that will have to be specially handled upon excavation in conjunction with construction of each
phase. The Company previously agreed with our joint venture partner to bear the cost of handling the contaminated materials up
to a cap of $1.871 million. In connection with that agreement, the Company recorded an expense in the fourth quarter of fiscal
2012 of $1.771 million for this environmental remediation liability. During the quarter, the total cost of remediation on Phase
I reached $2.024 million which is still within the projected budget for these remediation expenses as determined by our development
partner. As a result, the Company recorded an additional $100,000 expense in this second quarter of 2015 in the Land Development
and Construction segment and incurred a loss of $140,000 in equity in joint ventures as a result of our 77% pro rata share of these
additional remediation costs incurred within the joint venture.</FONT></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company has no obligation to remediate
the contamination on Phases II, III and IV of the development until such time as it makes a commitment to commence construction
there. The Company's position is that the prior tenant on the property is contractually responsible for the cost of removal of
the contaminated materials and we are continuing to pursue this claim. The Company's actual expense to address this issue may be
materially<FONT STYLE="font-size: 11pt"> </FONT>higher or lower than the expense previously recorded depending upon the actual
costs incurred and any reimbursement that we receive from the prior<FONT STYLE="font-size: 11pt"> </FONT>tenant.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><B>(9)</B> <B>Concentrations</B>.
Our Land Development and Construction and our Asset Management segments operate predominately in the Baltimore/<FONT STYLE="color: #333333">Northern
Virginia/</FONT>Washington DC<FONT STYLE="color: #333333"> market</FONT> area and a significant economic downturn affecting that
region could adversely affect our financial results.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">Likewise, our Mining Royalty Land
segment generates the predominance of its revenue from mines in Florida and Georgia and is subject to the</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">effects of economic downturns and
construction cycles in these markets. Additionally, this segment has one lessee that accounted for 63.9% of the segment&#8217;s
revenues and $107,000 of accounts receivable at March 31, 2015. The termination of certain of this lessee&#8217;s underlying leases
or non-performance under the leases could have a material adverse effect on the segment.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">The Company places its cash and
cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC insured limits.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><B>(10)</B> <B>Fair Value Measurements</B>.
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 that are unobservable and significant to the overall fair value measurement.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">As of March 31, 2015, the Company
had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. The fair value of all other financial
instruments with the exception of mortgage notes (see Note 5) approximates the carrying value due to the short-term nature of such
instruments. In addition, we believe the fair value of the amount outstanding pertaining to the revolver approximates the carrying
value as the related debt agreement reflects present market terms and contains certain interest rates that reset periodically based
on current market indices.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>(11) Real Estate Held for Sale</B>. The
Company and the buyer recently executed an amendment to extend the closing for the sale of phase two of the Windlass Run residential
sale from March 2015 to August 2015 and increased the sales price by $188,000, to $11,188,000, to compensate the Company for the
delay. Management believes this closing will occur on or before August 31, 2015. The book value of the property was $4,698,000
as of March 31, 2015 and is classified as real estate held for sale.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>(12) Unusual or Infrequent Items Impacting
Quarterly Results. </B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Operating profit includes expenses of $107,000
and $307,000 in the second quarter and six months respectively of fiscal 2015 for non-recurring costs related to the Spin-off.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">In January 2015 the Company prepaid
the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">$116,000 is included in interest
expense. The remaining deferred loan costs of $15,000 were also included in interest expense.</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">(13) Investment in Riverfront
and Brooksville Joint Ventures.</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"><I>Riverfront. </I><FONT STYLE="font-weight: normal">On
March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (&#8220;MRP&#8221;) to
form a joint venture to develop the first phase only of the four phase master development known as Riverfront on the Anacostia
in Washington, D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square
foot residential apartment building (including approximately 18,000 square feet of retail) on approximately 2 acres of the roughly
5.82 acre site. The joint venture, Riverfront Investment Partners I, LLC (&#8220;Riverfront I&#8221;) was formed in June 2013 as
contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash
of $4,866,000 to the Joint Venture</FONT> <FONT STYLE="font-weight: normal">for a 76.91% stake in the venture. MRP contributed
capital of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. The Joint
Venture closed on $17,000,000 of EB5 secondary financing and a nonrecourse construction loan for $65,000,000 on August 8, 2014.
Both these financing sources are non-recourse to FRP. Construction commenced in October 2014. At this point, the Company anticipates
lease up to occur in the second half of calendar 2016 and all of 2017. The Company&#8217;s equity interest in the joint venture
is 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.</FONT></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other income for the first six months of
fiscal 2015 includes a loss of $162,000 representing the Company&#8217;s portion of the loss of this joint venture due primarily
to expenses incurred in the joint venture this quarter with respect to the environmental remediation.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B><I>Brooksville.</I></B> In 2006, the Company
entered into a Joint Venture Agreement with Florida Rock Industries, Inc. (now owned by Vulcan Materials Company) to jointly own
and develop approximately 4,300 acres of land near Brooksville, Florida. Under the terms of the joint venture, FRP contributed
its fee interest in approximately 3,443 acres formerly leased to Vulcan under a long-term mining lease which had a net book value
of $2,548,000. Vulcan is entitled to mine a portion of the property until 2022 and pay royalties to the Company. FRP also contributed
$3,018,000 for one-half of the acquisition costs of a 288-acre contiguous parcel. Vulcan contributed 553 acres that it owned as
well as its leasehold interest in the 3,443 acres that it leased from FRP and $3,018,000 for one-half of the acquisition costs
of the 288-acre contiguous parcel. The joint venture is jointly controlled by Vulcan and FRP, and they each have a mandatory obligation
to fund additional capital contributions of up to $2,380,000. Capital contributions of $2,347,000 have been made by each party
as of March</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">31, 2015. Distributions will be made on a
50-50 basis except for royalties and depletion specifically allocated to the Company. Other income for the first six months of
fiscal 2015 includes a loss of $18,000 representing the Company&#8217;s portion of the loss of this joint venture. In April 2011,
the Florida Department of Community Affairs issued its Final Order approving the development of the Project, and zoning for the
Project was obtained from Hernando County in August 2012. We will continue to monitor the residential market in Hernando County
and pursue opportunities to partner with a master community developer or major homebuilder to commence construction when the market
dictates.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Real estate revenues included $143,000 of
royalties from the mining activities on this property in the six months ended March 31, 2015 and $98,000 in six months ended March
31, 2014. Allocated depletion expense of $3,000 was included in real estate cost of operations for the six months ended March 31,
2015.</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Investments in Joint Ventures (in thousands):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%"></TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">The</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Company's</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Total Assets</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Net Loss</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Share of Net</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Total</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">of the</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">of the</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Loss of the</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Ownership</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Investment</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Partnership</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Partnership</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Partnership</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">(Unaudited)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">(Unaudited)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">As of March 31, 2015</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Riverfront Holdings I, LLC</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">76.91</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;11,146</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;35,588</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;&nbsp;(198</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;&nbsp;(162</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Brooksville Quarry, LLC</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">50.00</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">7,519</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">14,342</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">(36</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">(18</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;18,665</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;49,930</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;(234</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;(180</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">As of September 30, 2014</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Riverfront Holdings I, LLC</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">76.91</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;11,031</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;&nbsp;33,834</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;&nbsp;(89</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;&nbsp;(89</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">Brooksville Quarry, LLC</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">50.00</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">7,506</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">14,353</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">(78</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">(39</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$ 18,537</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;48,187</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;(167</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">$&nbsp;&nbsp;&nbsp;(128</FONT></TD>
    <TD STYLE="font-size: 9pt; layout-grid-mode: line"><FONT STYLE="font: 9pt Courier New, Courier, Monospace">)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Summarized Unaudited Financial Information for the Investments
in Joint Ventures (in thousands):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">As of</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3/31/2015</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9/30/2014</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cash</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 16%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">59</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 17%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">208</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cash held in escrow</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">13,896</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">18,822</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Amortizable Debt Costs</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,069</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,069</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Investments in real estate, net.</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">33,906</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">27,088</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Total Assets</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">49,930</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">48,187</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Other Liabilities</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,947</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">313</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Long-term Debt</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">17,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">17,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Capital &#8211; FRP</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">18,665</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">18,537</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Capital - Third Parties</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">12,318</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">12,337</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;Total Liabilities and Capital</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">49,930</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">48,187</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>(14) Discontinued operations. </B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Effective January 30, 2015, we spun off our
transportation assets into a new, publicly traded entity, Patriot Transportation Holding, Inc. The Company has accounted for the
Patriot operations as discontinued operations for all periods presented. Shareholders&#8217; equity was reduced by $34,241,000
due to this distribution on January 30, 2015. Comprehensive income of $40,000 was included in that amount.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The results of operations associated with
discontinued operations for the three month and six month periods ended March 31, 2015 and 2014 were as follows (in thousands):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Three Months ended</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Six Months ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">March 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Revenue</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">10,083</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 11%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">31,900</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">41,800</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">63,491</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cost of operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9,230</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">31,222</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">38,195</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">60,865</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating profit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">853</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">678</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,605</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,626</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Interest expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(35</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(33</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(58</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Income before income taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;846</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">643</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,572</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,568</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Provision for income taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">330</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&nbsp;251</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,393</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,002</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt">
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Income from discontinued</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">operations</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">516</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">392</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,179</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,566</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">The components of the balance sheet at September 30, 2014 are
as follows (in thousands):</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Property and&nbsp;&nbsp;equipment, net</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">42,174</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Accounts receivable, net</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">7,119</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred costs</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">11,809</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Other assets</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">32</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets of discontinued operation</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">61,134</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Line of credit</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">7,282</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">11,489</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred compensation</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">717</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Deferred income taxes</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">8,924</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities of discontinued operation</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">28,412</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0"><B>ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in"><B>CONDITION
AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The following discussion should be read in
conjunction with the consolidated financial information and related notes that appear in Part I, Item 1 of this Quarterly Report
on Form 10-Q.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Overview &#8211; </B>This section provides
management's discussion and analysis of the financial condition and results of operations of<B> </B>FRP Holdings, Inc. for the
quarter ended March 31, 2015 as well as the first six months of fiscal year 2015.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">On January 30, 2015, FRP Holdings, Inc. (the
&#8220;Company&#8221; NASDAQ-FRPH) completed the spin-off of its transportation business into a new, separately traded public company
Patriot Transportation Holding, Inc. (&#8220;Patriot&#8221; NASDAQ-PATI) resulting in FRPH becoming a pure real estate company.
As a result of the spin-off the former transportation segment of the Company is reported as a discontinued operation without any
corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the spin-off is included
in &#8220;corporate expense&#8221; on the Company&#8217;s consolidated income statements herein.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company reported net income from continuing
operations of $845,000 or $.09 per share, a decrease of $467,000 or 36%, versus $1,312,000 or $.14 per diluted share in the second
quarter last year.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company reported net income from continuing
operations of $1,976,000 or $.20 per diluted share in the first six months of fiscal 2015, a decrease of $502,000 or 20%, compared
to net income of $2,478,000 or $.26 per diluted share in the same period last year.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">In order to affect the Spin-off and
govern our relationship with Patriot after the Spin-off, we entered into a Separation and Distribution Agreement, a Tax Matters
Agreement, an Employee Matters Agreement, and a Transition Services Agreement.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">The Transition Services Agreement
sets forth the terms on which Patriot will provide the Company certain services that were shared prior to the Spin-off, including
the services of certain shared executive officers and the Accounting, HR and IT departments, for an initial period of 12 months
after the Spin-off.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Following the completion of the spin-off
of the transportation business on January 30, 2015, management conducted a strategic review of the Company&#8217;s real estate
operations.&nbsp; As a result of this review, information that the Company&#8217;s chief operating decision maker (its chief executive
officer) regularly reviews for purposes of allocating resources and assessing performance changed. Therefore, beginning in fiscal
year 2015, the Company will report its financial performance based on the three reportable segments described below.&nbsp; Beginning</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">with the quarter ending March 31, 2015, our
financial statements will reflect the new reporting structure with prior periods adjusted accordingly.&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Our Mining and Royalties segment stays the
same, but based on our strategic review the Developed Property Rentals segment has been broken down into an Asset Management segment
and a Land Development and Construction segment to reflect how management now evaluates the real estate activities previously presented
in the Developed Property Rentals segment. The Asset Management segment contains all the developed buildings capable of producing
current rental income; the Land Development and Construction segments contains the remaining developable land not yet developed
to its eventual highest and best use potential where the Company's focus is to add further entitlements, construct vertical improvements
or market the property to third parties all in an effort to bring such property to income producing status or realization of its
fair market value through sales or exchange. This Land Development and Construction segment is generally in a pre-income production
state where objectives are long term capital investment for eventual production of long-term rental streams or capital investment
to achieve highest potential market value for sale to third parties.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company&#8217;s operations are influenced
by a number of external and internal factors. External factors include levels of economic and industrial activity in the United
States and the Southeast, construction activity and costs, aggregates sales by lessees from the Company&#8217;s mining properties,
interest rates, market conditions in the Baltimore/Northern Virginia/Washington DC area, and our ability to obtain zoning and entitlements
necessary for property development. Internal factors include administrative costs and group health claims experience. Financial
results of the Company for any individual quarter are not necessarily indicative of results to be expected for the year.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B><U></U></B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B><U>Asset Management Segment.</U></B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Asset Management segment
owns, leases, manages and operates warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington,
DC market area.&nbsp; We focus primarily on owning flexible type facilities that cater to the maximum number of tenant types. As
most of our buildings are less than 150,000 square feet, we focus on local and regional vs. national tenants. Hands-on service
provided by our in-house construction and property management teams keeps us close to our tenant base. These practices are the
cornerstone of our mission to provide the highest quality product and services at cost efficient and competitive rates resulting
in tenant satisfaction and ultimately retention.</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">These assets create revenue
and cash flows through tenant rental payments, lease management fees and reimbursements for building operating costs. The major
cash outlays incurred in this segment are</P>


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<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><FONT STYLE="font-family: Courier New, Courier, Monospace">for
operating expenses, real estate taxes, building repairs, lease commissions and other lease closing costs, construction of tenant
improvements, capital to acquire existing operating buildings and closing costs related thereto and the personnel costs of our
in-house construction and property management teams. Most of these buildings were constructed by us through our Land Development
and Construction segment. Additionally, over the years, we have opportunistically acquired existing operating buildings, typically
in connection with a 1031 exchange opportunity.&nbsp; Today, this segment consists of just over 3.6 million square feet.</FONT><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">
</FONT></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Management focuses on several
factors to measure our success on a comparative basis in this segment. The major factors we focus on are (1) revenue growth, (2)
growth in occupied square feet, (3) actual occupancy rate, (4) average annual occupied square feet, (5) average annual occupancy
rate (defined as the occupied sf at the end of each month during a fiscal year divided by the number of months to date in that
fiscal year as a percentage of the average number of square feet in the portfolio over that same time period), (6) growth of our
portfolio (in square feet), and (7) tenant retention success rate (as a percentage of total square feet to be renewed).</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-decoration: underline; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333"><B><U>Asset Management segment &#8211; six months ended </U></B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-decoration: underline; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333"><B><U>March 31, 2015</U></B></FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-decoration: underline; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333"><B><U>March 31, 2014</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">Revenues</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">$7,330,748</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">$6,579,382</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">Occupied square feet</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">3,198,200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">3,054,703</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">Overall occupancy rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">88.8%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">89.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">Average annual occupied sf</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">3,273,682</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">2,984,365</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">Average annual occupancy rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">91.4%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">89.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">Portfolio square feet</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">3,602,159</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">3,402,629</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">Retention Success rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">71%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace; color: #333333">66%</FONT></TD></TR>
</TABLE>
<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B><U>Mining Royalty Lands
Segment.</U></B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Our Mining Royalty Lands
segment owns several properties comprising approximately 15,000 acres currently under lease for mining rents or royalties.&nbsp;
Other than one location in Virginia, all of these properties are located in Florida and Georgia.&nbsp; The typical lease in this
segment requires the tenant to pay us a royalty based on the number of tons of mined materials sold from our property during a
given fiscal year multiplied by a percentage of the average sales price per ton sold. As a result of this royalty payment structure,
we do not bear the cost risks associated with the mining operations, however, we are subject to the cyclical nature of the construction
markets in these States as both volumes and prices tend to fluctuate through those cycles. In certain locations, typically where
the reserves on our property have been depleted but the tenant still has a need for the leased land, we collect a fixed annual
rental amount. We believe strongly in the potential for future growth in construction in these two States which directly benefits
our profitability in this segment.&nbsp;</P>


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<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The major expenses in this
segment are comprised of collection and accounting for royalties, management&#8217;s oversight of the mining leases, land entitlement
for post-mining uses and property taxes at our non-leased locations and at our Grandin location which, unlike our other leased
mining locations, are not paid by the tenant.&nbsp; As such, our costs in this business are very low as a percentage of revenue,
are relatively stable and are not affected by increases in production at our locations. Our current mining tenants include Vulcan
Materials, Martin Marietta and Cemex, among others.&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Additionally, these locations
provide us with excellent opportunities for valuable &#8220;2nd lives&#8221; for these assets through proper land planning and
entitlement. Examples of this are (i) the 4,200 acre Brooksville, Florida property that we recently entitled as a development of
regional impact for a large mixed-use development with our joint venture partner, Vulcan Materials, (ii) the 105 waterfront lots
approved for future development at our Ft. Myers, Florida location (iii) the mined out Gulf Hammock quarry, approximately 1,600
acres inclusive of several large lakes resulting from the mining operations, which we currently have listed for sale and (iv) our
Lakeside Business park in Maryland which at one time was a 135 acre sand and gravel mining operation.&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B><U>Land Development and
Construction Segment.</U></B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">Through our Land
Development and Construction segment, we own and are continuously monitoring for their &#8220;highest and best use&#8221; several
parcels of land that are in various stages of development.&nbsp; 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 warehouse/office buildings
for us to own and operate or (ii) a sale to third parties.</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">Revenues in this
segment are generated predominately from land sales and interim property rents. The significant cash outlays incurred in this segment
are for land acquisition costs, entitlement costs, property taxes, design and permitting, the personnel costs of our in-house management
team and horizontal and vertical construction costs.</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Since 1990, one of our primary
strategies in this segment has been to acquire, entitle and ultimately develop commercial/industrial business parks providing 5&#8211;15
building pads which we typically convert into warehouse/office buildings for our Asset Management segment to own and operate.&nbsp;
To date, our management team has converted 26 of these pads into developed buildings that we continue to own and manage through
the Asset Management segment. Our typical practice has been to transfer these assets to the Asset Management segment on the earlier
to occur of (i) commencement of rental revenue or (ii) issuance of the certificate of occupancy. We have also opportunistically
sold several of these pad sites over time to third party &#8220;users&#8221;.&nbsp;</P>


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<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">The remaining pad
sites in our inventory today are fully entitled, located in business parks in four different submarkets in the DC/Baltimore/Northern
Virginia area, and can support&nbsp;an additional 1.2 million sf. of warehouse/office buildings.&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Summary of Our Remaining
Lot Inventory:&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>Location</U></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>Acreage</U></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>SF +/-</U></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>Status (LET&#8217;S DISCUSS THESE)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Lakeside, MD </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">266,530</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Horizontal development completed. Ready for vertical permitting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Windlass Run Business Park, MD </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">37</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">386,626</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Horizontal development completed. Permitting submitted for 150,000 sf warehouse/office building with the balance ready for further vertical permitting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Patriot Business Center, Manassas, VA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">198,150</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Horizontal development completed. Ready for vertical permitting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Hollander 95 Business Park, MD</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">345,750</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Horizontal development completed. Permitting received for 80,000 sf warehouse/office building with the balance ready for vertical permitting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B>113</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B>1,197,056</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Most recently in this segment
we completed a third build-to-suit building for the same tenant at our Patriot Business Park and transferred that asset to the
Asset Management segment on or about November 2014 when the building was approved for occupancy. We also submitted plans for vertical
construction for one warehouse/office building at each of our Hollander and Windlass Run business parks. Having sites ready for
vertical construction has rewarded us in the past.&nbsp; It is the main reason why we were able to convert 3 of our finished pads
at Patriot Business Park into build-to-suit opportunities for a Fortune 500 company in 2012, 2013 and 2014.&nbsp; We will continue
to actively monitor these submarkets where we have lots ready for construction and take advantage of the opportunities presented
to us.</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">In addition to the inventory
of finished building lots, we have several other properties that were either spun-off to us from Florida Rock Industries in 1986
or acquired by us from unrelated 3rd parties.&nbsp; These properties, as a result of our &#8220;highest and best use&#8221; studies,
are being prepared for income generation through sale or joint venture with third parties, and in certain cases we are leasing
these properties on an interim basis for an income stream while we wait for the development market to ripen.&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Our strategy when selling
parcels outright is to attempt to convert the proceeds into income producing real estate for our Asset Management segment through
a Section 1031 exchange. An example of</P>


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<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">this would be the Windlass
Run residential land whereby we sold phase 1 for $8 million and used the proceeds in a Section 1031 exchange to acquire our Transit
business park in 2013.</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">An example of property in
this segment being developed through joint venture is Phase I of the Riverfront on the Anacostia project which was contributed
to a joint venture with MRP in 2014 and is now under construction as a 305 unit apartment building including 18,000 sf of ground
floor retail.</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As of March 31, 2015, we
have one property in this segment (Windlass Run residential phase II) under contract for sale and expect that transaction to close
on or before August 31, 2015 for $11,187,754. In this quarter, we entered into a long term ground lease on a 3.6 acre parcel at
our Hollander business park for use by the tenant as a compressed natural gas filling station. Rent will commence when all of the
entitlements are complete and the facility placed into service, estimated to be during the 4<SUP>th</SUP> quarter of fiscal 2015.
We will continue to hold this property in this segment as Management believes it is not appropriate to move it to Asset Management
segment due to this being a ground lease versus an operating warehouse/office.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Significant Investment Lands Inventory:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 29%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>Location</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>Approx. Acreage</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 41%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>Status</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B><U>NBV</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Riverfront on the Anacostia Phase I</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">2.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Phase I under construction</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">$11,146,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Riverfront on the Anacostia Phases II-IV</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">3.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Phase II design approval plans to be submitted to Zoning Commission prior to December, 2016.</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">$10,680,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Windlass Run residential (Phase 2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">74</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Under contract for sale to 3<SUP>rd</SUP> party for $11.188M, closing expected August 2015</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">$4,698,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Hampstead Trade Center, MD</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">117</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">Residential studies ongoing</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black">$7,115,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Square 664E,on the Anacostia River in DC </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">Under lease to Vulcan Materials as a concrete batch plant through 2021 with one 5 year renewal option.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">$4,359,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Courier New, Courier, Monospace; color: black"><B>199</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace">$37,998,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify"><B>RIVERFRONT ON
THE ANACOSTIA:</B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">This property consists
of 5.8 acres on the Anacostia River and is immediately adjacent to the Washington National&#8217;s baseball park in the SE Central
Business District of Washington, DC.&nbsp; Once zoned for industrial use and under a ground lease, this property is no longer</P>


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<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">under lease and has
been re-zoned for the construction of approximately 1.1M square feet of &#8220;mixed-use&#8221; development in four phases.&nbsp;
In 2014, approximately 2.1 acres (Phase I) of the total 5.8 acres was contributed to a joint venture owned by the Company (77%)
and our partner, MRP Realty (23%), and construction commenced in October, 2014 on a 305 unit residential apartment building with
approximately 18,000 sq. ft. of first floor retail space.&nbsp; Lease up is expected to commence in 2016 and continue through 2017.
Phases II, III and IV are slated for residential, office, and hotel/residential buildings, respectively, all with permitted first
floor retail uses. In accordance with our Master Planned Unit Development (PUD) approval, the next step for development of Phase
II requires us to submit plans to the Zoning Commission for final design approval within two years of issuance of the construction
permit for Phase I (i.e. by December of 2016).</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify"><B>WINDLASS RUN RESIDENTIAL:</B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">We originally purchased
this 179 acre tract for $5.2 million in 2002.&nbsp; When purchased, the entire parcel was zoned for commercial/industrial uses.&nbsp;
Today, some 70 acres of this original tract makes up our Windlass Run Business Park.&nbsp; We successfully rezoned the remaining
acreage for medium density residential development and on April 17, 2013, we entered into a contract to sell the residential portion
of the property for $19 million. Phase I of the sale closed within the quarter ending September 30, 2013 for $8.0 million and the
proceeds of this sale were used in a Section 1031 exchange to acquire the Transit Business Park. &nbsp;Phase II of the sale is
scheduled for settlement in August 2015 for $11 million.&nbsp;</P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify"><B>HAMPSTEAD TRADE
CENTER: </B>We purchased this 117 acre tract in 2005 for $4.3 million in a Section 1031 exchange with plans of developing it as
a commercial business park. The &#8220;great recession&#8221; caused us to reassess our plans for this property. As a result, Management
determined that the prudent course of action is to attempt to rezone the property for residential uses and sell the entire tract
to another developer such that we can redeploy this capital into an asset with more near-term income producing potential. Residential
studies are on-going today.<B> </B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify"><B>SQUARE 664E, WASHINGTON,
DC</B></P>

<P STYLE="color: #333333; font: 12pt Courier New, Courier, Monospace; margin: 0 0 7.5pt; text-align: justify">This property sits
on the Anacostia River at the base of South Capitol Street in an area named Buzzard Point, approximately 1 mile down river from
our RiverFront on the Anacostia property. The Square 664E property consists of approximately 2 acres and is currently under lease
to Vulcan Materials for use as a concrete batch plant. The lease terminates on August 31, 2021 and Vulcan has the option to renew
for one additional period of five (5) years. In the quarter ending December 31, 2014, the District of Columbia announced that it
had selected Buzzard Point for the future site of the new DC United major league soccer stadium. The selected stadium location,
consisting of approximately 5 acres of land, is separated from our property by just one small industrial lot and two side streets.</P>


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<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">Comparative Results of Operations
for the Three months ended March 31, 2015 and 2014</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B><U>Consolidated Results</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Three Months ended</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Change</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Operating profit:</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Asset management</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,951</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,662</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">289</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">10.9%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">941</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;879</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">62</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">7.1%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Land development and construction</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;(879</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(468</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(411</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(87.8%</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Unallocated corporate expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(692</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(418</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(274</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(65.6%</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Unallocated to discontinued ops.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(162</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(186</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">24</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">12.9%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,159</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,469</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(310</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(12.6%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">For the second quarter of fiscal 2015, consolidated
operating profit was $2,159,000 in the second quarter of fiscal 2015, a decrease of $310,000 or 12.6% compared to $2,469,000 in
the same quarter last year.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Total revenues for the Company were $8,948,000,
up $941,000, or 12%, over the same quarter last year. Our total cost of operations was up this quarter by $1,251,000.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The increase in cost of operations was due
in large part to higher corporate expenses as the result of (i) higher accruals for corporate performance bonuses as the likelihood
of achieving our corporate bonus targets was much lower in the year ago quarter, (ii) higher director compensation costs as the
Company added an additional director to our Board of Directors (iii) higher corporate medical claims costs in the quarter, and
the negative impact of absorbing the portion of corporate expense attributable to the transportation business and shown above as
&#8220;unallocated to discontinued operations&#8221;; (b) $355,000 more in property tax expense as a result of adding additional
assets to our portfolio and a $98,000 increase in the property taxes at Riverfront on the Anacostia Phases II-IV (under appeal);
and (c) higher depreciation and operating expenses as the Company added buildings to our portfolio and incurred expenses in connection
with environmental remediation at the Riverfront on the Anacostia Phase I property and exploratory work on the bulkhead at our
664E property located on the Anacostia River in Washington, DC. The 664E property is a 2 acre parcel just downriver from our Riverfront
on the Anacostia property and is currently under lease to Vulcan Materials for use as a concrete batch plant.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">During this quarter, the Company recorded
an additional $100,000 environmental remediation expense in the second quarter of 2015 relating to Riverfront on the Anacostia
Phase I and incurred a loss of $140,000 in equity in joint ventures, $118,000 of which was a result of our 77% pro rata share of
these additional remediation costs</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">incurred within the joint venture.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company&#8217;s interest expense increased
by $310,000 this quarter due mostly to $131,000 expense associated with the early payoff of two mortgages and $229,000 less capitalized
interest in this quarter versus the same quarter last year as a result of the completion of construction activities at Patriot
and Hollander Business Parks that were on-going in the prior year second quarter.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Post Spin-off we are reporting any net gain/(loss)
from the transportation business as &#8220;discontinued operations&#8221; and in the quarter we received a net benefit to after
tax net income of $124,000 this quarter versus the same quarter last year.</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><U>Asset Management Segment Results</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Highlights of the Second Quarter 2015:</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font-family: Courier New, Courier, Monospace">Operating profit was $2,951,000 in the quarter, up $289,000
over the same quarter last year on $750,000 more in revenue.</LI>

<LI STYLE="margin: 0; font-family: Courier New, Courier, Monospace">Our overall occupancy rate was down 1.1% versus the same time
last fiscal year but our total square feet occupied rose by 143,497.</LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Three months ended March 31</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(dollars in thousands)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Change</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Rental revenue</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5,755</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">78.5</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5,177</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">78.7</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">578</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">11.2</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Revenue-reimbursements</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,575</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">21.5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,403</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">21.3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">172</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">12.3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Total revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">7,330</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">6,580</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">750</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">11.4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Depreciation, depletion and</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 9pt; text-indent: -9pt">amortization</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,776</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">24.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,619</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">24.6</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">157</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating expenses</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,526</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">20.8</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,398</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">21.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">128</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Property taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">696</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">9.5</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">545</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">8.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">151</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">27.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Management company indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">145</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">178</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(33)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">-18.5</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Corporate expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">236</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3.2</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">178</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.7</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">58</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">32.6</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cost of operations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4,379</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">59.7</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,918</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">59.5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">461</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">11.8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating profit</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,951</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">40.3</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,662</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">40.5</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">289</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">10.9</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Rental Revenues in this segment were $5,755,000,
up from $5,177,000 in the same quarter last year due mainly to an increase in square feet occupied. Cost of operations were up
$461,000 due mainly to adding additional square feet to this segment resulting in higher depreciation, operating expenses and property
taxes partially offset by higher tenant reimbursements and higher corporate expenses due mainly to higher corporate bonus accruals
and higher corporate medical claims. Operating profit in this quarter was $2,951,000 versus $2,662,000 in the same quarter last
year, an 11% increase.</P>


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<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><U>Mining Royalty Land Results </U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Highlights of the Second Quarter 2015:</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Royalty and rents revenue were up $112,000
as tons mined increased by 15%.</LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Three months ended March 31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(dollars in thousands)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Royalty and rents</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,315</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">98.5</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,203</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">98.1</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Revenue-reimbursements</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">20</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1.5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">23</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1.9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Total revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,335</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,226</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Depreciation, depletion and</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 4.5pt">amortization</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">30</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">28</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating expenses</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">59</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4.4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">66</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5.4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Property taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">55</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4.1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">58</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Management company indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">6</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.5</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Corporate expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">250</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">18.7</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">189</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">15.4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cost of operations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">394</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">29.5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">347</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">28.3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating profit</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">941</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">70.5</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">879</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">71.7</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Royalty and rental revenue in this segment
were $1,315,000 up $112,000, a 9.3% increase, due mainly to a 15% increase in tons mined this quarter versus the same quarter last
year. Our operating profit was $941,000, up $62,000 versus the same quarter last year. We believe that volumes will increase at
our locations as construction activity in Florida and Georgia improves. We continue to make slow progress on construction recovery
following the &#8220;great recession&#8221;.</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><U>Land Development and Construction
Segment Results</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Highlights of the Second Quarter 2015:</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Extended the closing date on Windlass
Run residential from March 2015 to August 2015 and increasing the purchase price payable to the Company by $188,000 for said extension.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Executed a 10 year ground lease on a 3.6
acre developed lot at Hollander Business Park to be used as a compressed natural gas filling station.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Submitted construction drawings for new
warehouse buildings at both Hollander (permit received in the quarter) and Windlass Run business parks.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Substantially completed all horizontal
development at both Hollander and Patriot Business parks.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Recorded a $100,000 expense related to
environmental remediation at Riverfront on the Anacostia Phase I.</LI>

</UL>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Three months ended March 31</FONT></TD>
    <TD STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(dollars in thousands)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Change</FONT></TD>
    <TD STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Rental revenue</FONT></TD>
    <TD STYLE="width: 3%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 11%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">124</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 11%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">114</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 11%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">10</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Revenue-reimbursements</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">159</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">87</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">72</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total revenue</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">283</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">201</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">82</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Depreciation, depletion and</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 4.5pt">amortization</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">72</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">46</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">26</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Operating expenses</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">170</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">23</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">147</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Property taxes</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">483</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">276</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">207</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Management company indirect</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">297</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">219</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">78</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Corporate expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">140</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">105</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">35</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Cost of operations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,162</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">669</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">493</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Operating loss</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(879</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(468</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(411</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Revenues
in this segment were $283,000, up from $201,000 in the same quarter last year due mainly to higher reimbursements for property
taxes on the Square 664E property. Operating loss in this quarter was $879,000 versus a loss of $468,000 in the same quarter last
year. Operating expenses were up $147,000 in this period mainly as a result of exploratory work related to potential repairs to
be made to the bulkhead on the 664E property. Net property taxes were up $207,000 in the quarter due mainly to increased assessments
at Riverfront on the Anacostia (currently under appeal). Management company direct expense was up $78,000 as less of management&#8217;s
time was capitalized in this quarter as construction activities were no longer on-going at Patriot and Hollander business parks
this quarter. </FONT></P>


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<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">Comparative Results of Operations
for the Six Months ended March 31, 2015 and 2014</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B><U>Consolidated Results</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Six Months ended</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31,</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Change</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Operating profit:</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Asset management</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">6,147</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5,192</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">955</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">18.4%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Mining royalty land</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,940</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;1,818</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">122</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">6.7%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Land development and construction</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;(1,518</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(915</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(603</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(65.9%</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Unallocated corporate expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(984</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(553</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(431</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(77.9%</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&nbsp;Unallocated to discontinued ops.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(1,081</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(897</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(184</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(20.5%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,504</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4,645</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(141</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(3.0%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">For the first six months of fiscal 2015,
consolidated operating profit was $4,504,000 (negatively impacted by $1,081,000 of corporate expense not allocable to discontinued
operations), a decrease of $141,000 or 3% compared to $4,645,000 (negatively impacted by $897,000 of corporate expense
not allocable to discontinued operations) in the same period last year.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">For the six months ended March 31, 2015,
total revenues for the Company were $17,250,000, up $2,014,000, or 13%, over the same period last year. This is mainly due to higher
rental revenues from the Asset Management segment (up $1,353,000) as the Company continues to grow the size of our portfolio and
execute on leasing available space. The Company also saw an increase in our Mining Royalties segment as volumes in that business
are trending in a positive direction.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Our costs were up $2,155,000 due in part
to a $799,000 increase in corporate expenses. The $799,000 increase in corporate expenses in the period was attributable to (i)
a $184,000 increase in corporate expense unallocated to discontinued operations included in the Company&#8217;s corporate expenses
in this period versus the same period last year, (ii) $254,000 in one-time spin-off costs, (iii) a $174,000 increase in director
compensation mainly due to the addition of a director to our Board of Directors, (iii) $89,000 in bonus accruals and (iv) $64,000
in higher corporate medical claims. Additionally, our cost of operations are up generally due to (i) increased depreciation expense
($462,000) and (ii) higher property tax expense ($610,000) as a result of adding additional assets to our portfolio, partially
off-set by higher tenant reimbursements and an increased tax expense at Anacostia on the Riverfront Phases II-IV and (iii) higher
operating expenses ($274,000) due in large part to the exploratory work on the bulkhead at 664E during this period and the environmental
remediation expenses on Anacostia on the Riverfront Phase I.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Our interest expense is up $466,000 over
the same period last year due to $131,000 expense associated with the early payoff of two mortgages and $424,000 less capitalized
interest in this period versus the same period last year partially offset by lower interest costs on our</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">outstanding debt due to lower balances.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Post Spin-off we are reporting any net gain/(loss)
from the transportation business as &#8220;discontinued operations&#8221; and in the period we received a net benefit to after
tax net income of $613,000 this period versus the same period last year. Despite the $2,014,000 increase in revenues, our consolidated
net income for the Company in the first six months of fiscal 2015 was only up $111,000 due to the additional expenses outlined
above.</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><U>Asset Management Segment Results</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0"><B>Highlights of the first six months of 2015:</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0"><B>&nbsp;</B></P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font-family: Courier New, Courier, Monospace">Average annual occupancy year to date is 91.4% versus 89.9%
in the same period a year ago which translates to an additional 289,317 square feet occupied this period versus the same period
last year, a 9.7% increase.</LI>

<LI STYLE="margin: 0; font-family: Courier New, Courier, Monospace">Tenant retention rate was 71% relative to square feet eligible
for renewal in the period.</LI>

<LI STYLE="margin: 0; font-family: Courier New, Courier, Monospace">Our portfolio has grown from 3,402,629 to 3,602,159 sf since
March 31, 2014 with the additions of 199,530 sf to the segment as a result of the latest build-to-suit at Patriot Business Park
and the acquisition of the Kelso buildings.</LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Six months ended March 31</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(dollars in thousands)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Change</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Rental revenue</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">11,499</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">81.6</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">10,146</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">82.2</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,353</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">13.3</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Revenue-reimbursements</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,588</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">18.4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,194</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">17.8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">394</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">18.0</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Total revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">14,087</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">12,340</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,747</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">14.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Depreciation, depletion and</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 4.5pt">amortization</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,562</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">25.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3,151</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">25.5</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">411</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">13.1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating expenses</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,201</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">15.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,211</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">17.9</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(10</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">-0.4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Property taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,452</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">10.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,064</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">8.6</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">388</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">36.6</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Management company indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">299</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">366</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(67)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">-18.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Corporate expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">426</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">3.0</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">356</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">70</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">19.7</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cost of operations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">7,940</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">56.4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">7,148</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">57.9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">792</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">11.1</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating profit</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">6,147</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">43.6</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">5,192</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">42.1</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">955</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">18.4</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Rental revenues in this segment were up $1,353,000
over the same period last year due mainly to an increase in square feet occupied. Cost of operations were up $792,000 due mainly
to adding additional square feet to this segment resulting in higher property taxes and depreciation partially offset by additional
tenant reimbursements and higher corporate expenses due to higher bonus accruals. Operating profit was up $955,000 over the same
period last year, an 18% increase.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><U>Mining Royalty Land Results</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0"><B>Highlights of the first six months of 2015:</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Royalty and rents revenue were up $187,000
as tons mined increased by 16% over the same period last year.</LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Six months ended March 31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">(dollars in thousands)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Royalty and rents</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,635</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">98.4</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,448</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">98.2</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Revenue-reimbursements</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">44</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1.6</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">46</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1.8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Total revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,679</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2,494</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">Depreciation, depletion and</P>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 4.5pt">amortization</P></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">61</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">56</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">2.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating expenses</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">114</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">121</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4.9</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Property taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">113</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">121</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">4.9</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Management company indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">&#8212;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">0.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Corporate expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">451</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">16.8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">378</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">15.1</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Cost of operations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">739</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">27.6</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">676</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">27.1</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">Operating profit</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,940</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">72.4</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">1,818</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">72.9</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Royalty and rental revenue in this segment
were $2,635,000, up $185,000, a 7.5% increase, due mainly to a 16% increase in tons mined this period versus the same period last
year. Operating profit was $1,940,000, up $122,000 over the same period past year. We believe that mining volumes will continue
to increase at our locations as construction activity in Florida and Georgia continues to improve following the &#8220;great recession&#8221;.</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><U>Land Development and Construction
Segment Results</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0"><B>Highlights of the first six months of 2015:</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Construction commenced on Phase 1 of Riverfront
on the Anacostia and completion is slated for the fall of 2016.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Completed construction of the third build-to-suit
building at Patriot Business Park and transferred the asset to our Asset Management segment.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Filed construction permit drawings for
a new warehouse building at both Hollander and Windlass Run business parks.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Leased a 3.6 acre parcel of land at our
Hollander Business Park under a 10 year term ground lease for use as a compressed natural gas filling station.&#9;</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Commenced an exploratory program with
respect to potential improvements to the bulkhead on the 664E property which will</LI>


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<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">enhance the use and functionality of the
property for its ultimate highest and best use development following termination of the interim lease with Vulcan Materials.</LI>

<LI STYLE="text-align: justify; margin: 0; font-family: Courier New, Courier, Monospace">Recorded a $100,000 expense related to
environmental remediation at Riverfront on the Anacostia Phase I.</LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Six months ended March 31</FONT></TD>
    <TD COLSPAN="5" STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(dollars in thousands)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Change</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Rental revenue</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">248</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">245</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Revenue-reimbursements</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">236</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">157</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">79</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total revenue</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">484</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">402</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">82</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">Depreciation, depletion and</P>
        <P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 0 0 9pt; text-indent: -4.5pt">amortization</P></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">138</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">92</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">46</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Operating expenses</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">354</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">63</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">291</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Property taxes</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">763</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">534</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">229</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Management company indirect</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">496</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">418</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">78</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Corporate expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">251</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">210</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">41</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Cost of operations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2,002</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1,317</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">685</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Operating loss</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(1,518</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(915</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(603</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 4px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">We reported an increase in the operating
loss in this segment of $603,000 in the first six months of 2015 versus the same period last year on generally flat revenues. The
increased loss is mainly due to (i) expenses associated with the exploratory program on the bulkhead at the 664E property ($142,000),
(ii) higher property tax expense as a result of an increase on the assessment at Riverfront on the Anacostia (under appeal) and
(iii) $100,000 in expense associated with the environmental cleanup on Phase I of Riverfront on the Anacostia.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Liquidity and Capital Resources</B>. The
growth of the Company&#8217;s businesses requires significant cash needs to acquire and develop land or operating buildings and
to construct new buildings and tenant improvements. As of March 31, 2015, we had $11,304,000 borrowed under our $20 million revolver,
$2,610,000 outstanding under letters of credit and $6,086,000 available to borrow under the revolver. The Company expects to close
on a $20 Million secured revolver with First Tennessee Bank in the third quarter of this fiscal year to provide additional liquidity
for growth opportunities. First Tennessee has also committed to provide an additional $20 Million of secured financing to the Company
prior to the end of calendar 2015 on a ten year term loan amortizing on a twenty five (25) year basis. We expect to close on this
second loan with First Tennessee by the end of calendar year 2015.</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Cash Flows </B>- The following table summarizes
our cash flows from operating, investing and financing activities for each of the periods presented (in thousands of dollars):</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace"><B>Six Months</B></FONT><BR>
<FONT STYLE="font: 11pt Courier New, Courier, Monospace"><B>Ended March 31,</B></FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace"><B>2015</B></FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font: 11pt Courier New, Courier, Monospace"><B>2014</B></FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 75%; padding-left: 12pt; font-size: 11pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total cash provided by (used for):</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 11pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Operating activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">8,271</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">8,784</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 11pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Investing activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(5,399</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(18,926</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 11pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Financing activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(3,194</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">10,772</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 11pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(Decrease) Increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(322</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">630</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Operating Activities - </B>Net cash provided
by operating activities decreased $513,000 to $8,271,000 for the six months ended March 31, 2015. The total of net income plus
depreciation, depletion and amortization less gains on sales of property and equipment increased $772,000 versus the same period
last year. These changes are described above under &#8220;Comparative Results of Operations&#8221;. The current period includes
$689,000 more cash used to reduce accounts payable and accrued liabilities, although both periods had substantial uses of cash
for this purpose due to the completion of build-to-suit&#8217;s in each year and an $845,000 reduction in environmental remediation
liability in the current year. The same period last year included $1,161,000 collection of prior year real estate taxes receivable.
The current period includes offsetting increases to deferred income taxes and prepayment of current year income taxes.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Investing Activities</B> - For the first
six months ended March 31, 2015, cash required by investing activities decreased $13,527,000 to $5,399,000. The prior period discontinued
operations cash required was $12,652,000 higher due to an acquisition. Cash required by investing activities for continuing operations
decreased $875,000 due to increased construction activity in the prior period offset by the related release of escrow cash.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><B>Financing Activities</B> &#8211;
For the first six months ended March 31, 2015, cash required by financing activities was $3,194,000 versus cash provided by financing
activities of $10,772,000 in the first six months ended March 31, 2014. The prior period discontinued operations cash provided
was $13,315,000 higher due to borrowings to fund an acquisition in the prior period compared to debt repayment in the current period.
Cash required by financing activities for continuing operations was $651,000 higher in the current period primarily due to debt
prepayment.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">In January 2015 the Company prepaid
the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest
expense. The remaining deferred loan costs of $15,000 were also included in interest expense.</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><B>Credit Facilities -</B> On January
30, 2015, in connection with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo
Bank, N.A. in 2012 and simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount
of $20 million (the &quot;Credit Agreement&quot;). The Credit Agreement provides a revolving credit facility (the &#8220;Revolver&#8221;)
with a $10 million sublimit available for standby letters of credit. At the time of the Spin-off, the Company refinanced $10,483,000
of borrowings then outstanding on the terminated revolver. As of March 31, 2015, there was $11,304,000 outstanding on the revolver
and $2,610,000 outstanding under letters of credit and $6,086,000 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 Revolver bears interest
at a rate of 1.4% over the selected LIBOR, which may change quarterly based on the Company&#8217;s ratio of Consolidated Total
Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion
of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The credit agreement contains
certain conditions and financial covenants, including a minimum $110 million tangible net worth. As of March 31, 2015, the tangible
net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $67
million combined. The Company was in compliance with all covenants as of March 31, 2015.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">Last quarter, the company announced
the execution of a commitment from First Tennessee Bank to provide up to $40 million dollars of mortgage backed financing in two
separate facilities. The first facility is a five year, $20,000,000, secured revolver with a twenty-four month window to convert
up to the full amount of the facility into a ten year term loan. The second facility is a $20,000,000 ten year term loan secured
by to-be-determined collateral from our current pool of unencumbered warehouse/office properties. We expect to close on the secured
revolver in the third quarter of fiscal 2015. We expect to close on the ten year term loan by the end of calendar year 2015. The
purpose of these loans is to facilitate growth through new construction in the Land Development and Construction segment and/or
acquisition of existing, operating buildings to be added to the Asset Management segment.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Cash Requirements</B> &#8211; The Board
of Directors has authorized Management to repurchase shares of the Company&#8217;s common stock from time to time as opportunities
arise. During the first six months of fiscal 2015 the Company did not repurchase any shares of stock. As of March 31, 2015, $5,000,000
was authorized for future repurchases of common stock. The Company does not currently pay any cash dividends on common stock.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">The Company currently expects its
fiscal 2015 capital expenditures to</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">include approximately $10,498,000
for real estate development, of which $2,429,000 has been expended to date, which will be funded mostly out of cash generation
from operations and partly from borrowings under our credit facilities. As of March 31, 2015, there was $11,304,000 outstanding
on the revolver and $2,610,000 outstanding under letters of credit and $6,086,000 available for borrowing.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Summary and Outlook</B>. With the successful
completion of the Spin-off, we are focused on building shareholder value through our real estate holdings - mainly by growing our
portfolio and converting non-income producing assets into income production. While our operating segments are improving, in particular
our Asset Management segment, our overall performance was diminished by the costs of the Spin-off, higher corporate overhead expenses,
and a higher property tax assessment at Riverfront on the Anacostia.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company commenced construction of the
first phase of the four phase Anacostia development in October 2014 with lease up scheduled in 2016 and 2017. We expect to close
on the sale of Windlass Run Residential Phase II for $11,188,000 million in August 2015. We are actively seeking replacement opportunities
for these proceeds with the goal of adding income producing warehouse product to our portfolio. In this quarter we applied for
vertical construction permits for a new Class A warehouse to be constructed in each of our Hollander (permit received) and Windlass
Run business parks. The timing of commencement of construction on either building is yet to be determined. We continue to look
for opportunities to add assets to our Mining Royalty Land segment but locating, buying, and permitting high quality reserves such
as ours is becoming increasingly difficult.&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">ITEM 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISKS</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Interest Rate Risk - </B>We are exposed
to the impact of interest rate changes through our variable-rate borrowings under the Credit Agreement. Under the Credit Agreement,
the applicable margin for borrowings at March 31, 2015 was 1.4%. The applicable margin for such borrowings will be increased in
the event that our debt to capitalization ratio as calculated under the Credit Agreement exceeds a target level. Based upon our
indebtedness at March 31, 2015 of $11,304,000, a 1% increase in interest rate would result in $113,000 of additional interest expense
annually.</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">ITEM 4. CONTROLS AND PROCEDURES</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company maintains disclosure controls
and procedures that are designed to ensure that information required to be disclosed in the Company&#8217;s reports under the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), is recorded, processed, summarized and reported within the time
periods specified in the SEC&#8217;s rules and</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">forms, and that such information is accumulated
and communicated to management, including the Company&#8217;s Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial Officer
(&#8220;CFO&#8221;), as appropriate, to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company also maintains a system of internal
accounting controls over financial reporting that are designed to provide reasonable assurance to the Company&#8217;s management<B>
</B>and Board of Directors regarding the preparation and fair presentation of published financial statements.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">All control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving
the desired control objectives.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As of March 31, 2015, the Company, under
the supervision and with the participation of the Company's management, including the CEO, CFO and CAO, carried out an evaluation
of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on this evaluation,
the Company&#8217;s CEO, CFO and CAO concluded that the Company's disclosure controls and procedures are effective in alerting
them in a timely manner to material information required to be included in periodic SEC filings.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">There have been no changes in the Company&#8217;s
internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Company&#8217;s internal control over financial reporting.</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: center"><B>PART II. OTHER INFORMATION</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"><B>Item 1A.&#9; RISK FACTORS</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">In addition to the other information
set forth in this report, you should carefully consider the factors discussed in Part I, &#8220;Item 1A. Risk Factors&#8221; in
our Annual Report on Form 10-K for the year ended September 30, 2014, which could materially affect our business, financial condition
or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional
risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect
our business, financial condition and/or operating results.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>Item 2. PURCHASES OF EQUITY SECURITIES
BY THE ISSUER</B></P>

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    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(c)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Number of</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Shares</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Purchased</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Approximate</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(a)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">As Part of</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Dollar Value of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">(b)</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Publicly</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Shares that May</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Number of</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Average</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Announced</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Yet Be Purchased</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Shares</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Price Paid</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Plans or</FONT></TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Under the Plans</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Period</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Purchased</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">per Share</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Programs</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">or Programs (1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">January 1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Through</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">January 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3,682,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">February 1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Through</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">February 28</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Through</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">March 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Total</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">$</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">(1) On February 4, 2015, the Board
of Directors authorized management to expend up to $5,000,000 to repurchase shares of the Company&#8217;s common stock from time
to time as opportunities arise.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"><B>Item 6. EXHIBITS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify; padding-right: 31.5pt">Exhibits. The response to this item is submitted as a separate Section entitled
&quot;Exhibit Index&quot;, on page 38.</TD></TR></TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in"><B>SIGNATURES</B></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">May 8, 2015&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP HOLDINGS, INC.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Thompson
S. Baker II</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson S.
Baker II</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive
Officer</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>John D.
Milton, Jr.</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John D. Milton,
Jr.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Vice President, Treasurer,</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary
and Chief</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Officer</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>John D.
Klopfenstein</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John D. Klopfenstein</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controller
and Chief</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
Officer</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 1in; text-align: center"><B>FRP HOLDINGS, INC.</B></P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: center">FORM 10&#45;Q FOR THE QUARTER ENDED MARCH
31, 2015</P>

<P STYLE="font: bold 12pt Courier New, Courier, Monospace; margin: 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><B>&#9; </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(2.1)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Separation and Distribution Agreement, dated as of January 30, 2015, by and
between FRP Holdings, Inc. and Patriot Transportation Holding, Inc.(incorporated by reference to FRP Holdings, Inc.&#8217;s Current
Report on Form 8-K filed February 3, 2015).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(3.1)</TD><TD STYLE="text-align: justify; padding-right: 63pt">FRP Holdings, Inc. Amended and Restated Articles of Incorporation</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(10.1)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Credit Agreement, dated January 30, 2015, among FRP Holdings, Inc. and Wells
Fargo Bank, N.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(10.2)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Tax Matters Agreement, dated August 30, 2013, between FRP Holdings, Inc. and
Patriot Transportation Holding, Inc. (incorporated by reference to FRP Holdings, Inc.&#8217;s Current Report on Form 8-K filed
February 3, 2015).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(10.3)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Transition Services Agreement, dated January 30, 2015, by and between FRP
Holdings, Inc. and Patriot Transportation Holding, Inc.(incorporated by reference to FRP Holdings, Inc.&#8217;s Current Report
on Form 8-K filed February 3, 2015).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(10.4)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Employee Matters Agreement, dated as of January 30, 2015, by and between FRP
Holdings, Inc. and Patriot Transportation Holding, Inc.(incorporated by reference to FRP Holdings, Inc.&#8217;s Current Report
on Form 8-K filed February 3, 2015).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Courier New, Courier, Monospace">(14)</FONT></TD><TD STYLE="text-align: justify; padding-right: 63pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">Financial Code
of Ethical Conduct between the Company, Chief Executive Officers and Financial Managers, as revised on January 28, 2004, which
is available on the Company&#8217;s website at <U>www.frpholdings.com</U></FONT>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(31)(a)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Certification of Thompson S. Baker II.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(31)(b)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Certification of John D. Milton, Jr.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(31)(c)</TD><TD STYLE="text-align: justify; padding-right: 63pt">Certification of John D. Klopfenstein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">(32)</TD><TD STYLE="text-align: justify; padding-right: 63.2pt">Certification of Chief Executive Officer, Chief Financial Officer, and Chief
Accounting Officer under Section 906 of the Sarbanes-Oxley Act of 2002.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">101.INS</FONT></TD>
    <TD STYLE="width: 79%; padding-right: 13.5pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">XBRL Instance Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">101.XSD</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">XBRL Taxonomy Extension Schema&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">101.CAL</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">XBRL Taxonomy Extension Calculation Linkbase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">101.DEF</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">XBRL Taxonomy Extension Definition Linkbase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">101.LAB</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">XBRL Taxonomy Extension Label Linkbase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">101.PRE</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; font-size: 11pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">XBRL Taxonomy Extension Presentation Linkbase</FONT></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>3
<FILENAME>frphex3.txt
<DESCRIPTION>WELLS FARGO CREDIT AGREEMENT
<TEXT>

                                                                  EXHIBIT 3.1

                          SECOND AMENDED AND RESTATED
                           ARTICLES OF INCORPORATION
                                      OF
                               FRP HOLDINGS, INC.


     These Amended and Restated Articles of Incorporation of FRP Holdings,
Inc. were duly adopted by its board of directors on December 3, 2014 and
approved by its shareholders on February 4, 2015.

                                   ARTICLE I
                              NAME OF CORPORATION

     The name of this corporation is FRP Holdings, Inc.

                                   ARTICLE II
                               PRINCIPAL OFFICE

     The principal office and mailing address of this corporation is 200 West
Forsyth Street, 7th Floor, Jacksonville, FL 32202.

                                   ARTICLE III
                                  CAPITAL STOCK

     1.   The maximum number of shares of capital stock which the corporation
shall be authorized to have outstanding at any time is twenty-five million
(25,000,000) shares of voting common stock with a par value of $.10 per share
and five million (5,000,000) shares of preferred stock, to be issued in such
classes and series as the board of directors may, in accordance with the
provisions of Sections 607.0601 and 607.0602, Florida Statutes, as it now
exists or may hereafter be amended and without further stockholder action, by
resolution or resolutions, from time to time authorize to be issued.

     2.   Each stockholder holding common stock shall have one vote for each
share of common stock. Shareholders holding common stock shall have no
cumulative voting rights in any election of directors of this corporation.

     3.   Preferred stock, if authorized by the board of directors, shall
comply with Florida law as then in effect, notwithstanding the following
provisions.


<PAGE>


          (a)   The shares of preferred stock shall be of one or more classes
and may be issued in one or more series at one time or from time to time as
the board of directors may determine.

          (b)   Shares of preferred stock and any series thereof shall have
such relative rights and preferences with regard to dividend rates,
redemption rights, conversion privileges, with such voting powers, full or
limited, or without voting powers and with such other distinguishing
characteristics, including designations, preferences and relative,
participating, optional or other special rights, and qualifications,
limitations, or restrictions thereof, as shall be stated and expressed in the
resolution or resolutions providing for the issue thereof adopted by the board
of directors (and as are not in contravention of this certificate of
incorporation, or any amendment thereto), including (but without limiting the
generality of the foregoing) the following:

                (i)   The distinctive designation and number of shares
          comprising such series, which number may (except where otherwise
          provided by the board of directors in creating such series) be
          increased or decreased (but not below the number of shares then
          outstanding) from time to time by action of the board of directors.

               (ii)   The dividend rate or rates, if any, on the shares of
          such series and the relation which any such dividends shall bear to
          the dividends payable on any other class or classes or of any other
          series of capital stock, the terms and conditions upon which and
          the periods in respect of which any such dividends shall be
          payable, whether and upon what conditions any such dividends shall
          be cumulative, and if cumulative, the date or dates from which
          dividends shall accumulate, whether the shares of such series shall
          be limited in dividends, if any, or whether they shall or may
          participate in dividends over and above the dividend rate, if any,
          provided for the shares of such series, and whether any such
          dividends shall be payable in cash, in shares of such series, in
          shares of any other class or classes or of any other series of any
          class or classes of capital stock of the corporation, or in other
          property, or in more than one of the foregoing.

              (iii)   Whether the shares of such series shall be redeemable,
          the limitations and restrictions with respect to such redemption,
          the time or times when, the price or prices at which and the manner
          in which such shares shall be redeemable, including the manner of
          selecting shares of such series for redemption if less than all
          shares are to be redeemed.

               (iv)   The rights to which the holders of shares of such series
          shall be entitled, and the preferences, if any, over any other
          series (or of any other series over such series), upon the voluntary
          or involuntary liquidation, dissolution, distribution of assets or
          winding up of the corporation, which rights may vary depending on
          whatever such liquidation, dissolution, distribution or winding up
          is voluntary or involuntary; may vary at different dates; and may
          vary otherwise.


<PAGE>


                (v)   Whether the shares of such series shall be subject to
          the operation of a purchase, retirement or sinking fund, and, if so,
          whether and upon what conditions such purchase, retirement or
          sinking fund shall be cumulative or noncumulative, the extent to
          which and the manner in which such fund shall be applied to the
          purchase or redemption of the shares of such series for retirement
          or to other corporate purposes and the terms and provisions relative
          to the operation thereof.

               (vi)   Whether the shares of such series shall be convertible
          into or exchangeable for shares of any other class or classes or of
          any other series of any class or classes of capital stock of the
          corporation, and, if so convertible or exchangeable, the price or
          prices or the rate or rates of conversion or exchange and the
          method, if any, of adjusting the same, and any other terms and
          conditions of such conversion or exchange.

             (vii)   Subject to the provisions of paragraph (b) of this
          Section 3 as to voting rights, the voting powers, full and/or
          limited, if any, of the shares of such series; and whether and under
          what conditions the shares of such series (alone or together with
          the shares of one or more other series having similar provisions)
          shall be entitled to vote separately as a single class.

            (viii)   Whether the issuance of any additional shares of such
          series, or of any shares of any other series, shall be subject to
          restrictions as to issuance or as to the powers, preferences or
          rights of any such other series.

              (ix)   Any other preferences, privileges and powers, and
          relative, participating, optional or other special rights, and
          qualifications, limitations or restrictions of such series, as the
          board of directors may deem advisable and as shall not be
          inconsistent with the provisions of this certificate of
          incorporation.

          (c)   No dividends shall be paid or declared or set apart for
payment on any particular series of preferred stock in respect of any period
unless accumulated dividends shall be or shall have been paid, or declared
and set apart for payment, pro rata on all shares of preferred stock at the
time outstanding of each other series which ranks equally as to dividends with
such particular series, so that the amount of dividends declared on such
particular series shall bear the same ratio to the amount declared on each
such other series as the dividend rate of such particular series shall bear to
the dividend rate of such other series.

          (d)   Whenever any shares of preferred stock are redeemed or
otherwise retired, other shares may be issued in lieu thereof by the board of
directors as part of the series of which they were originally a part or as
they may be reclassified into and reissued as a part of a new series, or as a
part of any other series, all subject to the protective conditions or
restrictions of any outstanding series of preferred stock and for such
considerations as may be fixed by the board of directors.


<PAGE>


     4.   No stock shall be issued until the consideration for such stock has
been fully paid, and when so paid shall be issued as fully paid and
nonassessable. All or any part of the consideration for stock of the
corporation may be paid in by, or used for the purchase of, real, personal,
or intangible property, labor or services, or any combination thereof, at a
just valuation thereof as determined by the board of directors or executive
committee of the corporation at any regular meeting or at any special meeting
pursuant to due notice as provided in the bylaws of the corporation.

     5.   No holder of common stock of the corporation shall have any
preemptive or preferential right of subscription to any shares of any class
of stock of the corporation, whether now or hereafter authorized, nor to any
securities convertible into stock or securities of the corporation, nor to
any options or warrants to acquire such stock or securities issued or sold,
nor any right of subscriptions to any thereof.

     6.   The corporation shall not be required to issue certificates
representing any fraction or fractions of a share of stock of any class but
may issue in lieu thereof one or more non-dividend bearing and non-voting
scrip certificates in such form or forms as shall be approved by the board
of directors or executive committee, each representing a fractional interest
in respect of one share of stock. Such scrip certificates upon presentation
together with similar scrip certificates representing in the aggregate an
interest in respect of one or more full shares of stock shall entitle the
holders thereof to receive one or more full shares of stock of the class and
series, if any, specified in such scrip certificates. Such scrip certificates
may contain such terms and conditions as shall be fixed by the board of
directors or the executive committee, and may become void and of no effect
after a period to be determined by the board of directors or executive
committee and to be specified in such scrip certificates.

     7.   The corporation, by resolution or resolutions of its board of
directors or executive committee, shall have power to create and issue,
whether or not in connection with the issue and sale of any shares of stock
or any other securities of the corporation, warrants, conversion privileges,
rights or options entitling the holders thereof to purchase from the
corporation any shares of its capital stock of any class or classes or any
other securities of the corporation, or to convert any other securities of
the corporation into common stock of the corporation, such warrants,
conversion privileges, rights or options to be evidenced by or in such
instrument or instruments as shall be approved by the board of directors or
executive committee. The terms upon which, the time or times, which may be
limited or unlimited in duration, at or within which, and the price or prices
(not less than the minimum amount prescribed by law, if any) at which any such
warrants, convertible securities, rights or options may be issued and any such
shares or other securities may be purchased from the corporation, upon the
exercise of any warrant, conversion privilege, right or option shall be such
as shall be fixed and stated in the resolution or resolutions of the board of
directors or executive committee providing for the creation and issue of such
warrants, convertible securities, rights or options. The board of directors
or executive committee is hereby authorized to create and issue any such
warrants, convertible securities, rights or options, from time to time, for
such consideration, and to such persons, firms or corporations, as the board
of directors or executive committee may determine.


<PAGE>


                                   ARTICLE IV
                               CORPORATE EXISTENCE

     This corporation shall have perpetual existence.

                                   ARTICLE V
                                   DIRECTORS

     The number of directors of this corporation is seven, but may be changed,
but not to less than three, by the affirmative vote of a majority of the whole
board of directors at the time in office or by the affirmative vote of the
holders of at least 75% of the shares of stock of this corporation entitled to
vote thereon. Each director shall serve a term of one year. Any vacancy
occurring in the board of directors may be filled by the affirmative vote of a
majority of the remaining directors, though less than a quorum. Any director
elected to fill a vacancy, including a vacancy resulting from an increase in
the number of directors, shall hold office until the next annual meeting of
shareholders. In no case, however, will a decrease in the number of directors
shorten the term of any incumbent director. A director shall hold office until
the next annual meeting and until his successor shall be elected and qualify.
A director may only be removed for "cause", which shall be defined for these
purposes as a conviction of a  felony, declaration of unsound mind by a court
order, adjudication of bankruptcy, non-acceptance of office or such director
having been adjudged by a court of competent jurisdiction to be liable for
negligence of misconduct in the performance of his duty to this corporation in
a matter of substantial importance to this corporation and such adjudication
is no longer subject to direct appeal. This Article may be amended or repealed
only by the affirmative vote of the holders of at least 75% of the shares of
stock of this corporation entitled to vote thereon.

                                   ARTICLE VI
                                    OFFICERS

     The officers of the corporation shall be a president, one or more vice
presidents, a secretary, and a treasurer, and such other officers, with such
titles, as may be prescribed by the board of directors, all of whom shall be
elected by the board of directors or executive committee and shall serve at
the pleasure of the board of directors or executive committee and may be
removed at any time with or without cause, by the board of directors or
executive committee.

                                   ARTICLE VII
                                 INDEMNIFICATION

     1.   The corporation shall indemnify and hold harmless each person, his
heirs, executors and administrators, who shall serve at any time as a director
or officer of the corporation or, at its request, of any other corporation,
partnership, joint venture, trust, or other enterprise, from and against any
and all claims and liabilities to which such person shall have become subject
by reason of his being or having heretofore or hereafter been a director or
officer of the corporation, or of any other such corporation, partnership,
joint venture, trust or other enterprise, or by reason of any action alleged
to have been heretofore or hereafter taken or omitted by such person as such
director or officer, such indemnification to be in accordance with the laws
of the State of Florida as now in existence or as hereafter amended.


<PAGE>


     2.   The corporation shall have the power to purchase and maintain
insurance on behalf of any person who is or was a director or officer of the
corporation, or is or was serving at the request of the corporation as a
director or officer of another corporation, partnership, joint venture, trust,
or other enterprise, against any liability asserted against him and incurred
by him in any such capacity, or arising out of his status as such, whether or
not the corporation would have the power to indemnify him against such
liability.

     3.   The corporation, its directors, officers, employees and agent shall
be fully protected in taking any action or making any payment under this
Article VII or refusing to do so, in reliance upon the advice of counsel.

     4.   In addition to the foregoing provisions, this corporation shall
indemnify each person or party described in paragraph 1 of this Article VII
to the fullest extent permitted by Section 607.014, Florida Statutes.

     5.   If any part of this Article VII shall be found in any proceeding to
be invalid or ineffective, the remaining provisions shall not be affected.

                                   ARTICLE VIII
                                   SELF DEALING

     No contract, act or other transaction between the corporation and any
other person, firm or corporation in the absence of fraud, shall be
invalidated, vitiated or in any way affected by the fact that any one or more
of the directors of the corporation is or are (i) a party or parties to or
interested in such contract, act or transaction or (ii) interested in or a
director or officer or directors or officers of such other corporation. Any
director or directors individually or jointly may in the absence of fraud, be
a party or parties to or may be interested in any contract, act or transaction
of this corporation or in which this corporation is interested. Each and every
person who may become a director of this corporation is hereby relieved in the
absence of fraud, from any obligation to account for profits and from all
other liability which might otherwise arise by reason of contracting with the
corporation for the benefit of himself or any other person or any firm,
association or corporation in which he may be in any way interested or in
which he may be an officer or director. The foregoing provisions shall be
applicable notwithstanding that the director or directors referred to shall
have voted for or shall have been necessary to authorize the contract, act or
transaction in question, or that he or they shall have been present or
necessary to constitute a quorum at the meeting which authorized such
contract, act or transaction.

                                   ARTICLE IX
                        CONTROL SHARE LAW NOT APPLICABLE

     The provisions of Section 607.0902, Florida Statutes, shall not apply
to control-share acquisitions of shares of this corporation.


<PAGE>


     This Article IX may be amended or repealed only by the affirmative vote
of the holders of at least a majority of the shares of stock of the
corporation entitled to vote thereon; provided, however, if this Article IX
shall be adopted by at least two-thirds of the shares of stock of the
corporation entitled to vote thereon, this Article IX may be amended or
repealed only by the affirmative vote of the holders of at least a
two-thirds majority of the shares of stock of the corporation entitled to
vote thereon.

                                   ARTICLE X
                CERTAIN MATTERS RELATING TO SHAREHOLDER ACTIONS

     1.   Special Meeting of Shareholders. Pursuant to Section 607.0702,
Florida Statutes, special meetings of the shareholders may be called by the
board of directors or by the President. In addition, the Secretary shall call
a meeting if the holders of 50% (but not a lesser number) of all the votes
entitled to be cast on any issue proposed to be considered at the meeting
sign, date, and deliver to the corporation's Secretary one or more written
demands for the meeting describing the purpose or purposes for which it is
to be held.

     2.   Acting by Shareholders Without A Meeting Prohibited. Pursuant to,
and as permitted by, Section 607.0704, Florida Statutes, the shareholders of
this corporation are prohibited from taking action without a meeting, without
prior notice and without a vote.

     3.   Nominations of Directors. Only persons who are nominated in
accordance with the following procedures shall be eligible for election by
the shareholders as directors. Nominations of persons for election as
directors of the corporation may be made at a meeting of shareholders at
which directors are being elected (i) by or at the direction of the board of
directors and/or by or at the direction of any committee or person authorized
or appointed by the board of directors or (ii) by any shareholder of the
corporation entitled to vote for the election of directors at the meeting who
complies with the notice procedures set forth in this Section 3. Any
nomination other than those governed by clause (i) of the preceding sentence
shall be made pursuant to timely notice in writing to the Secretary of the
corporation. To be timely, a shareholder's notice shall be delivered to or
mailed and received at the principal executive offices of the corporation not
less than 40 days prior to the meeting; provided, however, that in the event
that less than 50 days' notice or prior public disclosure of the date of the
meeting is given or made to shareholders, notice by the shareholder to be
timely must be so received not later than the close of business on the 10th
day following the day on which such notice of the date of the meeting was
mailed or such public disclosure was made. Such shareholder's notice to the
Secretary shall set forth (x) as to each person whom the shareholder proposes
to nominate tor election as a director (i) the name, age, business address
and residence address of such person, (ii) the principal occupation or
employment of such person, (iii) the class and number of any shares of the
corporation or any subsidiary of the corporation which are beneficially owned
by such person, and (iv) any other information relating to such person that
is required to be disclosed in solicitations for proxies for election of
directors pursuant to any then existing rule or regulation promulgated under
the Securities Exchange Act of 1934, as amended; and (y) as to the
shareholder giving the notice (i) the name and record address of such
shareholder and (ii) the class and number of shares of the corporation which
are beneficially owned by such shareholder. The corporation may require any
proposed nominee to furnish such other information as may


<PAGE>


reasonably be required by the corporation to determine the eligibility of
such proposed nominee as a director. No person shall be eligible for election
as a director unless nominated as set forth herein.

     The chairman of the meeting shall, if the facts warrant, determine
and declare to the meeting that a nomination was not made in accordance with
the foregoing procedure, and if he should so determine, he shall so declare
to the meeting and the defective nomination shall be disregarded.

     Nothing contained herein shall prevent the board of directors from
filling a vacancy including a vacancy resulting from an increase in the number
of directors, as provided in Article V.

     This Article X may be amended or repealed only by the affirmative vote
of the holders of at least a majority of the shares of stock of the
corporation entitled to vote thereon; provided, however, if this Article X
shall be adopted by at least two-thirds of the shares of stock of the
corporation entitled to vote thereon, this Article X may be amended or
repealed only by the affirmative vote of the holders of at least a two-thirds
majority of the shares of stock of the corporation entitled to vote thereon.

     IN WITNESS WHEREOF these Amended Articles of Incorporation have been
executed by the undersigned officer this 4th day of February, 2015.

				FRP HOLDINGS, INC.,
                                a Florida corporation


      				By:------------------------------------------
				Name: Thompson S. Baker II
				Its President


<PAGE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ex10-1.htm
<DESCRIPTION>WELLS FARGO CREDIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXECUTION VERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 2.5pt double; border-bottom: Black 2.5pt double; padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>2015 CREDIT AGREEMENT</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>dated as of January 30, 2015</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>between</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>FRP HOLDINGS, INC.<BR>
        as Borrower</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>WELLS FARGO BANK, N.A.<BR>
        as Lender</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right"><U>Page</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 1 DEFINITIONS; CONSTRUCTION</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 1.1</FONT></TD>
    <TD STYLE="width: 68%; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Definitions.</FONT></TD>
    <TD STYLE="width: 5%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 1.2</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Classifications of Loans and Borrowings.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 1.3</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Accounting Terms and Determination.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 1.4</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Terms Generally.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 2 AMOUNT AND TERMS OF THE REVOLVING COMMITMENT</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.1</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">General Description of Facility.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.2</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Revolving Loans.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.3</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Procedure for Borrowings.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.4</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Reserved.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.5</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Loan Management Service.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.6</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Funding of Borrowings.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.7</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Interest Elections.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.8</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Optional Reduction and Termination of Revolving Commitment.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.9</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Repayment of Loans.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.10</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Evidence of Indebtedness.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.11</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Optional Prepayments.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.12</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Interest on Loans.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.13</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Fees.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.14</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Computation of Interest and Fees.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.15</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Inability to Determine Interest Rates.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.16</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Illegality.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.17</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Increased Costs.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.18</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Funding Indemnity.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.19</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Taxes.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.20</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Payments Generally.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.21</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Mitigation of Obligations.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.22</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Letter of Credit Commitment.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.23</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Procedure for Issuance and Reimbursement of Letters of Credit.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.24</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Increased Cost.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.25</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Obligations Absolute</FONT>.</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 2.26</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Letter of Credit Documents.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 3 CONDITIONS PRECEDENT TO LOANS</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 3.1</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Conditions To Effectiveness.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 3.2</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Each Credit Event.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 4 REPRESENTATIONS AND WARRANTIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 27%; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.1</FONT></TD>
    <TD STYLE="vertical-align: top; width: 68%; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Existence; Power</FONT>.</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Organizational Power; Authorization.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Governmental Approvals; No Conflicts.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Financial Statements</FONT>.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Litigation and Environmental Matters.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Compliance with Laws and Agreements.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Investment Company Act, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Taxes.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Margin Regulations.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">ERISA.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.11</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Ownership of Property.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.12</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Disclosure.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.13</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Labor Relations.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.14</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Subsidiaries.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.15</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Legal Name.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.16</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">No Restrictions on Dividends.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.17</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Solvency.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.18</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Insurance.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 4.19</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Outstanding Indebtedness.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 5 AFFIRMATIVE COVENANTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Financial Statements and Other Information</FONT>.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Notices of Material Events.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Existence; Conduct of Business.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Compliance with Laws, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Payment of Obligations.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Books and Records.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Visitation, Inspection, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Maintenance of Properties; Insurance.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Use of Proceeds.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Additional Subsidiaries.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 5.11</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Deposit Relationship.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 6 FINANCIAL COVENANTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 6.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Leverage Ratio.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 6.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Fixed Charge Coverage Ratio.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 6.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Tangible Net Worth.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 7 NEGATIVE COVENANTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Indebtedness.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Negative Pledge.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Fundamental Changes.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Investments, Loans, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Restricted Payments.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.6</FONT></TD>
    <TD STYLE="width: 68%; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Assets.</FONT></TD>
    <TD STYLE="width: 5%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.7</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Transactions with Affiliates.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.8</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Restrictive Agreements.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.9</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale and Leaseback Transactions.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.10</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Hedging Agreements.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.11</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Amendment to Material Documents.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.12</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Permitted Subordinated Indebtedness.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.13</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Accounting Changes.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 7.14</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Name Changes.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 8 EVENTS OF DEFAULT</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 8.1</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Events of Default.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 9 RESERVED</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Article 10 MISCELLANEOUS</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.1</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Notices.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.2</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Waiver; Amendments.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.3</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Expenses; Indemnification.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.4</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Successors and Assigns.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.5</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Governing Law; Jurisdiction; Consent to Service of Process.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.6</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">A<FONT STYLE="text-transform: lowercase">RBITRATION</FONT>.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.7</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Right of Setoff.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.8</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Counterparts; Integration.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.9</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Survival.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.10</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Severability.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.11</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Confidentiality.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.12</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Interest Rate Limitation.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Section 10.13</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">US PATRIOT Act Notice.</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 24%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Schedules</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 73%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Schedule 4.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Environmental Matters</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Schedule 4.14</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subsidiaries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Schedule 7.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Existing Investments</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibits</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit A</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Revolving Credit Note</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit B</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Reserved</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit C</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Subsidiary Guarantee Agreement with Schedule I and Annex I thereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit D</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Indemnity, Subrogation and Contribution Agreement with Schedule I and Annex I thereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 2.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notice of Revolving Borrowing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 2.7</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notice of Continuation/Conversion</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 3.1(b)(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Secretary&rsquo;s Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 3.1(b)(vii)</FONT></TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 73%; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Officer&rsquo;s Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 3.1(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Issued and Outstanding Letters of Credit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 7.1(j)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unencumbered Commercial Properties</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Annexes</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Annex I</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Captive Investment Policy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">2015
CREDIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>THIS 2015 CREDIT
AGREEMENT</B> (this &ldquo;<B><I>Agreement</I></B>&rdquo;) is made and entered into as of January 30, 2015, by and among <B>FRP
HOLDINGS, INC.</B>, a Florida corporation (the &ldquo;<B><I>Borrower</I></B>&rdquo;) and <B>WELLS FARGO BANK, N.A.</B> (the &ldquo;<B><I>Lender</I></B>&rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">W I T
N E S S E T H:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
Patriot Transportation, Inc. (formerly known as Patriot Transportation Holding, Inc.) and Lender are parties to a 2012 Amended
and Restated Credit Agreement dated as of December 21, 2012, as amended (the &ldquo;<B><I>Original Credit Agreement</I></B>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the board of directors of Patriot Transportation, Inc., has adopted a plan of reorganization pursuant to which, among other things,
Patriot Transportation, Inc., is split into two public companies, Patriot Transportation Holding, Inc., and the Borrower; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Borrower has requested, and Bank has agreed to extend to Borrower, a revolving credit facility in the principal amount of $20,000,000,
all as more fully set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the premises and the mutual covenants herein contained, the Borrower and the Lender agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
1<BR>
<BR>
DEFINITIONS; CONSTRUCTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 1.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Definitions. </B>In addition to
the other terms defined herein, the following terms used herein shall have the meanings herein specified (to be equally
applicable to both the singular and plural forms of the terms defined):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Affiliate</I></B>&rdquo;
shall mean, as to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Applicable
Margin</I></B>&rdquo; shall mean the respective number of basis points per annum designated below determined based on the Borrower&rsquo;s
Leverage Ratio:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; border: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>LEVEL</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Leverage</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Ratio</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Applicable Margin</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(basis points per annum)</FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt">&nbsp;</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Base Rate</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>LIBOR</B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding: 4pt 6pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Commitment<BR>
Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; padding-left: 8pt"><FONT STYLE="font-size: 10pt"><B>I</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&gt;=.45 to .55</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">140.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">190.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">25.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; padding-left: 8pt"><FONT STYLE="font-size: 10pt"><B>II</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&gt;=.35 to &lt;.45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">105.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">165.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">20.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; padding-left: 8pt"><FONT STYLE="font-size: 10pt"><B>III</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&lt;.35</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">65.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">140.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 3.75pt; text-align: center"><FONT STYLE="font-size: 10pt">15.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><SUP>&nbsp;</SUP>__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1</SUP>Applies
to both Daily One Month LIBOR Loans or Eurodollar Loans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">; provided, however, that adjustments,
if any, to the Applicable Margin based on changes in the Borrower&rsquo;s Leverage Ratio as set forth above shall be calculated
by the Lender quarterly, based upon the Borrower&rsquo;s quarterly financial statements, on a rolling four quarter basis, and shall
become effective (each an &ldquo;<B><I>Interest Rate Change Date</I></B>&rdquo;), (i) if interest is based on the Base Rate, on
the third Day after the Lender receives the Covenant Compliance Certificate and/or the financial statements reflecting such change
in the Borrower&rsquo;s Leverage Ratio or (ii) if interest is based on LIBOR, on the first Day of the Interest Period following
the Interest Period that the Lender receives the Covenant Compliance Certificate and/or the financial statements reflecting such
change in the Borrower&rsquo;s Leverage Ratio; and provided, further, however, if the Borrower shall fail to deliver any such Covenant
Compliance Certificate or financial statements within the time period required pursuant to this Agreement, then the Applicable
Margin shall be at Level I until the appropriate Covenant Compliance Certificate or financial statements, as the case may be, are
so delivered. The Applicable Margin as of the Closing Date shall be at [Level III].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Available
Amount</I></B>&rdquo; means on the calculation date, the maximum amount available to be drawn under any Letter of Credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Availability
Period</I></B>&rdquo; shall mean the period from the Closing Date to the Commitment Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Bank
Products</I></B>&rdquo; shall mean any of the following services provided to Borrower by Lender (or any Affiliate of a Lender):
(a)&nbsp;any treasury or other cash management services, including deposit accounts, automated clearing house (ACH) origination
and other funds transfer, depository (including cash vault and check deposit), zero balance accounts and sweeps, return items processing,
controlled disbursement accounts, positive pay, lockboxes and lockbox accounts, account reconciliation and information reporting,
payables outsourcing, payroll processing, trade finance services, investment accounts and securities accounts, (b)&nbsp;card services,
including credit cards (including purchasing cards and commercial cards), prepaid cards, including payroll, stored value and gift
cards, merchant services processing, and debit card services and (c)&nbsp;Hedging Agreements entered into with Lender (or an Affiliate
of Lender).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Base
Rate</I></B>&rdquo; shall mean at any time the Federal Funds Rate plus 0.5% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Base
Rate Loan</I></B>&rdquo; when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising
such Borrowing, bears interest at a rate determined by reference to the Base Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Borrower</I></B>&rdquo;
shall have the meaning in the introductory paragraph hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Borrowing</I></B>&rdquo;
shall mean a borrowing consisting of Loans of the same Type, made, converted or continued on the same date and in the case of Eurodollar
Loans, as to which a single Interest Period is in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Capital
Lease Obligations</I></B>&rdquo; of any Person shall mean all obligations of such Person to pay rent or other amounts under any
lease (or other arrangement conveying the right to use) of real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount
of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Change
in Control</I></B>&rdquo; shall mean the occurrence of one or more of the following events: (a) any sale, lease, exchange or other
transfer (in a single transaction or a series of related transactions) of all or substantially all of the assets of the Borrower
to any Person or &ldquo;group&rdquo; (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities
and Exchange Commission thereunder in effect on the date hereof), (b) the acquisition of ownership, directly or indirectly, beneficially
or of record, by any Person or &ldquo;group&rdquo; (within the meaning of the Securities Exchange Act of 1934 and the rules of
the Securities and Exchange Commission thereunder as in effect on the date hereof) of thirty percent (30%) or more of the outstanding
shares of the voting stock of the Borrower; or (c) occupation of a majority of the seats (other than vacant seats) on the board
of directors of the Borrower by Persons who were neither (i) nominated by the current board of directors or (ii) appointed by directors
so nominated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Change
in Law</I></B>&rdquo; shall mean (i) the adoption of any applicable law, rule or regulation after the date of this Agreement, (ii)
any change in any applicable law, rule or regulation, or any change in the interpretation or application thereof, by any Governmental
Authority after the date of this Agreement, or (iii) compliance by the Lender (or for purposes of <U>Section 2.17(b)</U> or <U>Section
2.24</U>, by the Lender&rsquo;s holding company, if applicable) with any request, guideline or directive (whether or not having
the force of law) of any Governmental Authority made or issued after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Closing
Date</I></B>&rdquo; shall mean January 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Code</I></B>&rdquo;
shall mean the Internal Revenue Code of 1986, as amended and in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Commitment
Termination Date</I></B>&rdquo; shall mean the earliest of (i) December 1, 2019, (ii) the date on which the Revolving Commitment
is terminated pursuant to <U>Section 2.8</U> or (iii) the date on which all amounts outstanding under this Agreement have been
declared or have automatically become due and payable (whether by acceleration or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Current Maturities of Long Term Debt</I></B>&rdquo; shall mean the portion of Consolidated Long Term Debt of the Borrower and its
Subsidiaries, on a consolidated basis determined in accordance with GAAP, paid during the twelve (12) month period ending on the
last day of the month prior to the date as of which said determination is to be made, but excluding any amounts paid during such
period in respect of Consolidated Long Term Debt that was not in default and which was voluntarily prepaid by the Borrower and
its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
EBITDA</I></B>&rdquo; shall mean, for the Borrower and its Subsidiaries for any period, an amount equal to the sum of (a) Consolidated
Net Income for such period plus (b) to the extent deducted in determining Consolidated Net Income for such period, (i) Consolidated
Interest Expense, (ii) Consolidated Income Tax Expense, and (iii) depreciation, depletion and amortization determined on a consolidated
basis in accordance with GAAP in each case for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Income Tax Expense</I></B>&rdquo; shall mean, for the Borrower and its Subsidiaries for any period determined on a consolidated
basis in accordance with GAAP, the aggregate of all present or future taxes, levies, imposts, duties, deductions, charges or withholdings
paid in cash to any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Interest Expense</I></B>&rdquo; shall mean, for the Borrower and its Subsidiaries for any period determined on a consolidated basis
in accordance with GAAP, the sum of (i) total cash interest expense, including without limitation the interest component of any
payments in respect of Capital Leases Obligations capitalized or expensed during such period (whether or not actually paid during
such period) plus (ii) the net amount payable (or minus the net amount receivable) under Hedging Agreements during such period
(whether or not actually paid or received during such period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Long Term Debt</I></B>&rdquo; shall mean, for any period, all Indebtedness of the Borrower and its Subsidiaries, or any portion
thereof, determined on a consolidated basis and in accordance with GAAP, the maturity of which extends beyond twelve (12) months
from the date of calculation of Consolidated Long Term Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Net Income</I></B>&rdquo; shall mean, for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP, but excluding therefrom (to the extent otherwise included therein)
(i) any extraordinary gains or losses, (ii) any gains attributable to write-ups of assets, (iii) any equity interest of the Borrower
or any Subsidiary of the Borrower in the unremitted earnings of any Person that is not a Subsidiary and (iv) any income (or loss)
of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary
on the date that such Person&rsquo;s assets are acquired by the Borrower or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Net Worth</I></B>&rdquo; shall mean, as of any date, the total assets of the Borrower and its Subsidiaries that would be reflected
on the Borrower&rsquo;s consolidated balance sheet as of such date prepared in accordance with GAAP, after eliminating all amounts
properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries, minus the sum of (i) the total liabilities
of the Borrower and its Subsidiaries that would be reflected on the Borrower&rsquo;s consolidated balance sheet as of such date
prepared in accordance with GAAP and (ii) the amount of any write-up in the book value of any assets resulting from a revaluation
thereof or any write-up in excess of the cost of such assets acquired reflected on the consolidated balance sheet of the Borrower
as of such date prepared in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Total Capital</I></B>&rdquo; shall mean, as of any date of determination with respect to the Borrower, the sum of (i) Consolidated
Total Debt and (ii) Consolidated Net Worth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Consolidated
Total Debt</I></B>&rdquo; shall mean, as of any date of determination, all Indebtedness of the Borrower and its Subsidiaries that
would be reflected on a consolidated balance sheet of the Borrower prepared in accordance with GAAP as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Control</I></B>&rdquo;
shall mean the power, directly or indirectly, either to (i) vote five percent (5%) or more of securities having ordinary voting
power for the election of directors (or persons performing similar functions) of a Person or (ii) direct or cause the direction
of the management and policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The
terms &ldquo;<B><I>Controlling</I></B>,&rdquo; &ldquo;<B><I>Controlled by</I></B>,&rdquo; and &ldquo;<B><I>under common Control
with</I></B>&rdquo; have meanings correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Covenant
Compliance Certificate</I></B>&rdquo; shall mean a certificate in such form as may be acceptable to the Lender, containing all
the financial covenants and ratios with which the Borrower is required to comply during the term of this Agreement and containing
calculations reflecting whether or not the Borrower is in compliance with each such financial covenant or ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Daily
One Month LIBOR</I></B>&rdquo; means for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1)
month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Daily
One Month LIBOR Loan</I></B>&rdquo; when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, bears interest at a rate determined by reference to Daily One Month LIBOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Default</I></B>&rdquo;
shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Default
Interest</I></B>&rdquo; shall have the meaning set forth in <U>Section 2.12(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Designated
Account</I></B>&rdquo; shall mean the demand deposit operating account of Borrower designated as the account to be used for the
debit or credit of funds in connection with the Loan Management Service pursuant to <U>Section 2.5</U> or for the funding of Revolving
Loan advances pursuant to <U>Section 2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Dollar(s)</I></B>&rdquo;
and the sign &ldquo;<B><I>$</I></B>&rdquo; shall mean lawful money of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Environmental
Laws</I></B>&rdquo; shall mean all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices
or binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the environment,
preservation or reclamation of natural resources, the management, Release or threatened Release of any Hazardous Material or to
health and safety matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Environmental
Liability</I></B>&rdquo; shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental
investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of
the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any actual
or alleged exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ERISA</I></B>&rdquo;
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ERISA
Affiliate</I></B>&rdquo; shall mean any trade or business (whether or not incorporated), which, together with the Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for the purposes of Section 302 of ERISA and Section
412 of the Code, is treated as a single employer under Section 414 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ERISA
Event</I></B>&rdquo; shall mean (a) any &ldquo;reportable event&rdquo;, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence
with respect to any Plan of an &ldquo;accumulated funding deficiency&rdquo; (as defined in Section 412 of the Code or Section 302
of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA
Affiliate from the PBGC or a plan administrator appointed by the PBGC of any notice relating to an intention to terminate any Plan
or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower
or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any
notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Eurodollar</I></B>&rdquo;
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bears interest
at a rate determined by reference to the LIBOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Event
of Default</I></B>&rdquo; shall have the meaning provided in <U>Article 8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Excluded
Taxes</I></B>&rdquo; shall mean with respect to the Lender or any other recipient of any payment to be made by or on account of
any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United
States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office
is located or, in the case of the Lender, in which its applicable lending office is located and (b) any branch profits taxes imposed
by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Federal
Funds Rate</I></B>&rdquo; shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the next 1/8th of 1%)
equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers for the immediately preceding day, as published by the Federal Reserve Bank of New York; provided that
if no such rate is so published on any day, then the Federal Funds Rate for such day shall be the rate most recently published.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Fixed
Charge Coverage Ratio</I></B>&rdquo; shall mean, for any period of four consecutive fiscal quarters of the Borrower, the ratio
of (a) Consolidated EBITDA for such period less Consolidated Income Tax Expenses to (b) the sum of Consolidated Interest Expense
plus Consolidated Current Maturities of Long Term Debt for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>GAAP</I></B>&rdquo;
shall mean generally accepted accounting principles in the United States applied on a consistent basis and subject to the terms
of <U>Section 1.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Governmental
Authority</I></B>&rdquo; shall mean the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Guarantee</I></B>&rdquo;
of or by any Person (the &ldquo;<B><I>guarantor</I></B>&rdquo;) shall mean any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the &ldquo;<B><I>primary
obligor</I></B>&rdquo;) in any manner, whether directly or indirectly and including any obligation, direct or indirect, of the
guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease
property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect
of any letter of credit or letter of guaranty issued in support of such Indebtedness or obligation; provided, that the term &ldquo;<B><I>Guarantee</I></B>&rdquo;
shall not include endorsements for collection or deposits in the ordinary course of business. The amount of any Guarantee shall
be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which the Guarantee
is made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person
is required to perform thereunder) as determined by such Person in good faith. The term &ldquo;<B><I>Guarantee</I></B>&rdquo; used
as a verb has a corresponding meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Guarantors</I></B>&rdquo;
shall mean Florida Rock Properties, Inc., FRP Maryland, Inc., and FRP Development Corp., and any future Subsidiary which is required
pursuant to <U>Section 5.10</U> to become a Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Hazardous
Materials</I></B>&rdquo; means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Hedging
Agreements</I></B>&rdquo; shall mean interest rate swap, cap or collar agreements, interest rate future or option contracts, currency
swap agreements, currency future or option contracts, commodity agreements and other similar agreements or arrangements designed
to protect against fluctuations in interest rates, currency values or commodity values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Indebtedness</I></B>&rdquo;
of any Person shall mean, without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of the
deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business; provided,
that for purposes of <U>Section 8.1(f)</U>, trade payables overdue by more than 120 days shall be included in this definition except
to the extent that any of such trade payables are being disputed in good faith and by appropriate measures), (iv) all obligations
of such Person under any conditional sale or other title retention agreement(s) relating to property acquired by such Person, (v)
all Capital Lease Obligations of such Person, (vi) all obligations, contingent or otherwise, of such Person in respect of letters
of credit, acceptances or similar extensions of credit, (vii) all Guarantees of such Person of the type of Indebtedness described
in clauses (i) through (vi) above, (viii) all Indebtedness of a third party secured by any Lien on property owned by such Person,
whether or not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person, contingent or otherwise,
to purchase, redeem, retire or otherwise acquire for value any common stock of such Person, and (x) Off-Balance Sheet Liabilities.
The Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture in which such Person is a general
partner or a joint venturer, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Indemnified
Taxes</I></B>&rdquo; shall mean Taxes other than Excluded Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Indemnity
and Contribution Agreement</I></B>&rdquo; shall mean the 2015 Indemnity, Subrogation and Contribution Agreement, substantially
in the form of Exhibit D, among the Borrower, the Subsidiary Loan Parties and the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Interest
Period</I></B>&rdquo; means a period commencing on a New York Business Day and continuing for one month, two months, three months
or six months, as designated by Borrower in accordance with the applicable provisions of Article 2, during which all or a portion
of the outstanding principal balance of this Note bears interest determined in relation to LIBOR; provided however, that (i) if
the day after the end of any Interest Period is not a New York Business Day (so that a new Interest Period could not be selected
by Borrower to start on such day), then such Interest Period shall continue up to, but shall not include, the next New York Business
Day after the end of such Interest Period, unless the result of such extension would be to cause any immediately following Interest
Period to begin in the next calendar month in which event the Interest Period shall continue up to, but shall not include, the
New York Business Day immediately preceding the last day of such Interest Period, and (ii) no Interest Period shall extend beyond
the scheduled maturity date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Lender</I></B>&rdquo;
shall have the meaning assigned to such term in the opening paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Letter
of Credit</I></B>&rdquo; shall mean any standby letter of credit (or at the Lender&rsquo;s discretion, any documentary letter of
credit) issued by the Lender pursuant to <U>Section 2.22</U> hereof, as it may be modified from time to time. The term &ldquo;<B><I>Letter
of Credit</I></B>&rdquo; shall not include any letters of credit issued by the Lender other than pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Letter
of Credit Documents</I></B>&rdquo; shall mean such applications and other agreements as the Lender may require in connection with
the issuance of a Letter of Credit, as they may be modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Letter
of Credit Exposure</I></B>&rdquo; shall mean the aggregate Available Amount of all outstanding Letters of Credit as to which the
Lender is obligated to make Revolving Loan advances pursuant to <U>Section 2.23</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Letter
of Credit Notice</I></B>&rdquo; shall have the meaning set forth in <U>Section 2.23</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Leverage
Ratio</I></B>&rdquo; shall mean, as of any date of determination with respect to the Borrower, the ratio of (i) Consolidated Total
Debt as of such date to (ii) Consolidated Total Capital as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>LIBOR</I></B>&rdquo;
shall mean, for any applicable Interest Period with respect to any Eurodollar Loan, the rate of interest per annum determined by
Bank based on the rate for United States dollar deposits for delivery on the first day of each Interest Period for a period approximately
equal to such Interest Period as reported on Reuters Screen LIBOR01 page (or any successor page) at approximately 11:00 a.m., London
time, two London Business Days prior to the first day of such Interest Period (or if not so reported, then as determined by Bank
from another recognized source or interbank quotation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Lien</I></B>&rdquo;
shall mean any mortgage, pledge, security interest, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment,
deposit arrangement, or other arrangement having the practical effect of the foregoing or any preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention
agreement and any capital lease having the same economic effect as any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loan
Documents</I></B>&rdquo; shall mean, collectively, this Agreement, the Revolving Credit Note, all Notices of Revolving Borrowing,
all Letter of Credit Notices, all Letter of Credit Documents, the Subsidiary Guarantee Agreement, the Indemnity and Contribution
Agreement, and any and all other instruments, agreements, documents and writings executed in connection with any of the foregoing,
as they may be modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loan
Management Service</I></B>&rdquo; shall mean Lender&rsquo;s proprietary automated loan management program that controls the manner
in which funds are transferred between the Designated Account and the Revolving Loan for credit or debit to the Revolving Loan,
or any successor service or product that performs similar service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loan
Parties</I></B>&rdquo; shall mean the Borrower and the Subsidiary Loan Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loans</I></B>&rdquo;
shall mean Base Rate Loans, Daily One Month LIBOR Loans, Eurodollar Loans and/or LOC Loans, or any of them, as the context shall
require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>London
Business Day</I></B>&rdquo; means any day that is a day for trading by and between banks in Dollar deposits in the London interbank
market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>LOC
Fee Payment Date</I></B>&rdquo; shall mean the last day of each March, June, September and December and on the Commitment Termination
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>LOC
Loan</I></B>&rdquo; shall have the meaning set forth in <U>Section 2.23</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Material
Adverse Effect</I></B>&rdquo; shall mean, with respect to any event, act, condition or occurrence of whatever nature (including
any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether individually or
in conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences whether or not related,
a material adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition, assets,
liabilities or prospects of the Borrower and of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Loan
Parties to perform any of their respective obligations under the Loan Documents, (iii) the rights and remedies of the Lender under
any of the Loan Documents or (iv) the legality, validity or enforceability of any of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Material
Indebtedness</I></B>&rdquo; shall mean Indebtedness (other than the Loans) or obligations in respect of one or more Hedging Agreements,
of any one or more of the Borrower and the Subsidiaries in an aggregate principal amount exceeding $1,000,000.00. For purposes
of determining Material Indebtedness, the &ldquo;<B><I>principal amount</I></B>&rdquo; of the obligations of the Borrower or any
Subsidiary in respect to any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Moody&rsquo;s</I></B>&rdquo;
shall mean Moody&rsquo;s Investors Service, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Multiemployer
Plan</I></B>&rdquo; shall have the meaning set forth in Section 4001(a)(3) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>New
York Business Day</I></B>&rdquo; shall mean any day except a Saturday, Sunday or any other day on which commercial banks in New
York are authorized or required by law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Notice
of Revolving Borrowing</I></B>&rdquo; shall have the meaning set forth in <U>Section 2.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Notice
of Conversion/Continuation</I></B>&rdquo; shall mean the notice given by the Borrower to the Lender in respect of the conversion
or continuation of an outstanding Borrowing as provided in <U>Section 2.7(b)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Obligations</I></B>&rdquo;
shall mean all amounts owing by the Borrower to the Lender pursuant to or in connection with this Agreement, any other Loan Document
or any Bank Products, including without limitation, all principal, interest (including any interest accruing after the filing of
any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether
or not a claim for post-filing or post-petition interest is allowed in such proceeding), all reimbursement obligations under the
Letter of Credit Documents, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all reasonable
fees and expenses of counsel to the Lender incurred pursuant to this Agreement or any other Loan Document), whether direct or indirect,
absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder, together with all
renewals, extensions, modifications or refinancings thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Off-Balance
Sheet Liabilities</I></B>&rdquo; of any Person shall mean (i) any repurchase obligation or liability of such Person with respect
to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions
which do not create a liability on the balance sheet of such Person, (iii) any liability of such Person under any so-called &ldquo;synthetic&rdquo;
lease transaction or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or
takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Other
Taxes</I></B>&rdquo; shall mean any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Participant</I></B>&rdquo;
shall have the meaning set forth in <U>Section 10.4(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Payment
Office</I></B>&rdquo; shall mean the office of the Lender located at One Independent Drive, 25<SUP>th</SUP> Floor, Jacksonville,
Florida 32202, or such other location as to which the Lender shall have given written notice to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>PBGC</I></B>&rdquo;
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA, and any successor entity performing similar
functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Permitted
Encumbrances</I></B>&rdquo; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Liens imposed by
law for taxes not yet delinquent or which are being contested in good faith by appropriate proceedings and with respect to which
adequate reserves are being maintained in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">statutory Liens
of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law created in the ordinary
course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings and with respect
to which adequate reserves are being maintained in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">pledges and deposits
made in the ordinary course of business in compliance with workers&rsquo; compensation, unemployment insurance and other social
security laws or regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">deposits to secure
the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations
of a like nature, in each case in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">judgment and attachment
Liens not giving rise to an Event of Default or Liens created by or existing from any litigation or legal proceeding that are currently
being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance
with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially
interfere with the ordinary conduct of business of the Borrower and its Subsidiaries taken as a whole; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Liens arising under
ERISA which could not reasonably be expected to have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">provided, that the term &ldquo;<B><I>Permitted
Encumbrances</I></B>&rdquo; shall not include any Lien securing Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Permitted
Investments</I></B>&rdquo; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">direct obligations of, or obligations
the principal of and interest on which are unconditionally guaranteed by, the United States (or by any agency thereof to the extent
such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the
date of acquisition thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in; text-align: justify">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">commercial paper having the highest rating,
at the time of acquisition thereof, of S&amp;P or Moody&rsquo;s and in either case maturing within six months from the date of
acquisition thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in; text-align: justify">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">certificates of deposit, bankers&rsquo;
acceptances and time deposits maturing within 180 days of the date of acquisition thereof issued or guaranteed by or placed with,
and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of
the United States or any state thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000.00;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in; text-align: justify">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">fully collateralized repurchase agreements
with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution
satisfying the criteria described in clause (c) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in; text-align: justify">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">investments in money market mutual funds
that are registered with the SEC and subject to Rule 2a-7 of the Investment Company Act of 1940 and have a net asset value of $1.00;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">municipal obligations issued by any state
of the United States of America or any municipality or other political subdivision of any such state rated at least AAA by S&amp;P,
Aaa by Moody&rsquo;s or AAA by Fitch at the time of purchase; in each case maturing within one year from the date of acquisition
thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">fixed income mutual funds that provide
next day liquidity and have a duration of one year or less; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 1in; text-align: justify">(h)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in; text-align: justify">with respect to the investments of captive
loss funds, investments in accordance with the investment policy set forth on Annex I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Permitted
Subordinated Debt</I></B>&rdquo; shall mean any Indebtedness of the Borrower or any Subsidiary (i) that is expressly subordinated
to the Obligations on terms reasonably satisfactory to the Lender, and (ii) that is evidenced by an indenture or other similar
agreement that is in a form reasonably satisfactory to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Person</I></B>&rdquo;
shall mean any individual, partnership, firm, corporation, association, joint venture, limited liability company, trust or other
entity, or any Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Plan</I></B>&rdquo;
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an &ldquo;<B><I>employer</I></B>&rdquo; as defined in Section 3(5)
of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Regulation
D</I></B>&rdquo; shall mean Regulation D of the Board of Governors of the Federal Reserve System, as the same may be in effect
from time to time, and any successor regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Related
Parties</I></B>&rdquo; shall mean, with respect to any specified Person, such Person&rsquo;s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Release</I></B>&rdquo;
means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or
migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within
any building, structure, facility or fixture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Responsible
Officer</I></B>&rdquo; shall mean any of the president, the chief executive officer, the chief operating officer, the chief financial
officer, the treasurer or a vice president of the Borrower or such other representative of the Borrower as may be designated in
writing by any one of the foregoing with the consent of the Lender; and, with respect to the financial covenants only, the chief
financial officer or the treasurer of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Restricted
Payment</I></B>&rdquo; shall have the meaning set forth in <U>Section 7.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Revolving
Commitment</I></B>&rdquo; shall mean the obligation of the Lender to make Revolving Loans to or for the account of the Borrower
in an aggregate principal amount not exceeding $20,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Revolving
Credit Exposure</I></B>&rdquo; shall mean, at any time, the sum of the outstanding principal amount of Revolving Loan plus the
Letter of Credit Exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Revolving
Credit Note</I></B>&rdquo; shall mean a promissory note of the Borrower payable to the order of the Lender in the principal amount
of the Revolving Commitment, in substantially the form of Exhibit A, as it may be modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Revolving
Loan</I></B>&rdquo; shall mean a loan made by the Lender to the Borrower under its Revolving Commitment, which may either be a
Daily One Month LIBOR Loan or a Eurodollar Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>S&amp;P</I></B>&rdquo;
shall mean Standard &amp; Poor&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>SPE
Subsidiary</I></B>&rdquo; shall mean a special purpose Subsidiary of the Borrower established solely for the purpose of owning
a parcel of real property for permanent financing purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Subordinated
Debt Documents</I></B>&rdquo; shall mean any indenture, agreement or similar instrument governing any Permitted Subordinated Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Subsidiary</I></B>&rdquo;
shall mean, with respect to any Person (the &ldquo;<B><I>parent</I></B>&rdquo;), any corporation, partnership, joint venture, limited
liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent&rsquo;s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as
any other corporation, partnership, joint venture, limited liability company, association or other entity (i) of which securities
or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power, or in the
case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (ii)
that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one
or more subsidiaries of the parent. Unless otherwise indicated, all references to &ldquo;<B><I>Subsidiary</I></B>&rdquo; hereunder
shall mean a Subsidiary of the Borrower. Notwithstanding the foregoing or any other provision in this Agreement to the contrary,
FRP Riverfront I, LLC, a Delaware limited liability company (&ldquo;<B><I>FRP Riverfront</I></B>&rdquo;) shall not be deemed to
constitute a Subsidiary of the Borrower for purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Subsidiary
Guarantee Agreement</I></B>&rdquo; shall mean the Subsidiary Guarantee Agreement, substantially in the form of Exhibit C attached
hereto, made by the Subsidiary Loan Parties in favor of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Subsidiary
Loan Party</I></B>&rdquo; shall mean any Subsidiary that is not a Foreign Subsidiary or a SPE Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Taxes</I></B>&rdquo;
shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Type</I></B>,&rdquo;
when used in reference to a Loan, refers to whether the Loan is a Base Rate Loan, a Daily One Month LIBOR Loan, or a Eurodollar
Loan, and when used in reference to a Borrowing, refers to whether the Borrowing is a Base Rate Borrowing, a Daily One Month LIBOR
Borrowing, or a Eurodollar Borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Withdrawal
Liability</I></B>&rdquo; shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 1.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Classifications of Loans and Borrowings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For purposes of
this Agreement, Loans may be classified and referred to by Type (e.g. a &ldquo;Eurodollar Loan&rdquo; or &ldquo;Base Rate Loan&rdquo;
or &ldquo;Daily One Month LIBOR Loan&rdquo;). Borrowings also may be classified and referred to by Type (e.g. &ldquo;Eurodollar
Borrowing&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 1.3&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Accounting Terms and Determination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
defined or specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall
be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP as in effect
from time to time, applied on a basis consistent (except for such changes approved by the Borrower&rsquo;s independent public accountants)
with the most recent audited consolidated financial statement of the Borrower delivered pursuant to <U>Section 5.1(a)</U>; provided,
that if the Borrower notifies the Lender that the Borrower wishes to amend any covenant in <U>Article 6</U> to eliminate the effect
of any change in GAAP on the operation of such covenant (or if the Lender notifies the Borrower that the Lender wishes to amend
<U>Article 6</U> for such purpose), then the Borrower&rsquo;s compliance with such covenant shall be determined on the basis of
GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant
is amended in a manner satisfactory to the Borrower and the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 1.4&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Terms Generally.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The definitions
of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words &ldquo;include&rdquo;, &ldquo;includes&rdquo;
and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation&rdquo;. The word &ldquo;will&rdquo;
shall be construed to have the same meaning and effect as the word &ldquo;shall&rdquo;. In the computation of periods of time from
a specified date to a later specified date, the word &ldquo;from&rdquo; means &ldquo;from and including&rdquo; and the word &ldquo;to&rdquo;
means &ldquo;to but excluding&rdquo;. Unless the context requires otherwise (i) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as it was originally
executed or as it may from time to time be amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person&rsquo;s
successors and permitted assigns, (iii) the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words
of similar import shall be construed to refer to this Agreement as a whole and not to any particular provision hereof, (iv) all
references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and Schedules
to this Agreement and (v) all references to a specific time shall be construed to refer to the time in the city and state of the
Lender&rsquo;s principal office, unless otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
2<BR>
<BR>
AMOUNT AND TERMS OF THE REVOLVING COMMITMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>General Description of Facility.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to and upon
the terms and conditions herein set forth, (i) the Lender hereby establishes in favor of the Borrower a revolving credit facility
pursuant to which the Lender agrees (up to the Revolving Commitment) to make Revolving Loans to the Borrower in accordance with
<U>Section 2.2</U>, and (ii) the Lender agrees to issue Letters of Credit in accordance with <U>Section 2.22</U> hereof; provided,
that in no event shall the aggregate principal amount of all outstanding Revolving Loans plus the aggregate Available Amounts of
all outstanding Letters of Credit exceed at any time the Revolving Commitment from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Revolving Loans.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the terms
and conditions set forth herein, the Lender agrees to make Revolving Loans to or for the account of the Borrower, from time to
time during the Availability Period, in an aggregate principal amount outstanding at any time that will not result in the Lender&rsquo;s
Revolving Credit Exposure exceeding the Revolving Commitment. During the Availability Period, the Borrower shall be entitled to
borrow, prepay and reborrow Revolving Loans in accordance with the terms and conditions of this Agreement; provided, that the Borrower
may not borrow or reborrow should there exist a Default or Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.3&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Procedure for Borrowings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Provided that Lender
has expressly prohibited the Borrower from using the Loan Management Service, the Borrower shall give Lender written notice (or
telephonic notice promptly confirmed in writing) of each Borrowing substantially in the form of Exhibit 2.3 attached hereto (a
&ldquo;<B><I>Notice of Revolving Borrowing</I></B>&rdquo;) (x) prior to 11:00 a.m. one (1) New York Business Day prior to the requested
date of each Daily One Month LIBOR Borrowing, and (y) prior to 11:00 a.m. three (3) London Business Days prior to the requested
date of each Eurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable and shall specify: (i) the aggregate
principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a New York Business Day), (iii) the Type of
such Loan comprising such Borrowing, and (iv) in the case of a Eurodollar Borrowing, the duration of the initial Interest Period
applicable thereto (subject to the provisions of the definition of Interest Period). Each Borrowing shall consist entirely of Daily
One Month LIBOR Loans or Eurodollar Loans, as the Borrower may request. The aggregate principal amount of each Eurodollar Borrowing
shall be not less than $100,000.00 or a larger multiple of $50,000.00. At no time shall the total number of outstanding Borrowings
which consist of Eurodollar Borrowings exceed seven (7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.4&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Reserved.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.5&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Loan Management Service.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If Lender has separately
agreed that Borrower may use the Loan Management Service, Borrower shall not request and Lender shall no longer honor a Notice
of Revolving Borrowing in accordance with <U>Section 2.3</U> and all Borrowings will instead be initiated by Lender and credited
to the Designated Account as Borrowings as of the end of each Business Day in an amount sufficient to maintain an agreed upon ledger
balance in the Designated Account. If Lender terminates Borrower&rsquo;s access to the Loan Management Service, Borrower may continue
to request advances as provided in <U>Section 2.3</U>, subject to the other terms and conditions of this Agreement. Lender shall
have no obligation to make a Revolving Loan advance through the Loan Management Service after the occurrence of a Default or Event
of Default, or in an amount that would result in the Lender&rsquo;s Revolving Credit Exposure exceeding the Revolving Commitment
as set forth in <U>Section 2.2</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.6&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Funding of Borrowings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If Lender has not
separately agreed that Borrower may use the Loan Management Service, the Lender will make available each Loan to be made by it
hereunder on the proposed date thereof by crediting the amount of such Loan, in immediately available funds, by the close of business
on such proposed date, to the Designated Account or, at the Borrower&rsquo;s option, by effecting a wire transfer of such amounts
to an account designated by the Borrower to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.7&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Interest Elections.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If Lender has not
separately agreed that Borrower may use the Loan Management Service, each Borrowing initially shall be of the Type specified in
the applicable Notice of Revolving Borrowing, and in the case of a Eurodollar Borrowing, shall have an initial Interest Period
as specified in such Notice of Revolving Borrowing. If Lender has separately agreed that Borrower may use the Loan Management
Service, each Borrowing shall initially be made as a Daily One Month LIBOR Borrowing. Thereafter, the Borrower may elect to convert
outstanding Borrowings into a different Type or to continue such Borrowings, and in the case of a Eurodollar Borrowing, may elect
Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">To make an election
pursuant to this Section, the Borrower shall give the Lender prior written notice (or telephonic notice promptly confirmed in writing)
of each Borrowing (a &ldquo;<B><I>Notice of Conversion/Continuation</I></B>&rdquo;) that is to be converted or continued, as the
case may be, (x) prior to 10:00 a.m. one (1) New York Business Day prior to the requested date of a conversion into a Daily One
Month LIBOR Borrowing, and (y) prior to 11:00 a.m. three (3) London Business Days prior to a continuation of or conversion into
a Eurodollar Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to
which such Notice of Continuation/Conversion applies and if different options are being elected with respect to different portions
thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made
pursuant to such Notice of Continuation/Conversion, which shall be a New York Business Day, (iii) whether the resulting Borrowing
is to be a Daily One Month LIBOR Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is to be a Eurodollar
Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by
the definition of &ldquo;<B><I>Interest Period</I></B>.&rdquo; If any such Notice of Continuation/Conversion requests a Eurodollar
Borrowing but does not specify an Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month.
The principal amount of any resulting Eurodollar Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings
set forth in <U>Section 2.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If, on the expiration
of any Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/Continuation,
then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing
to a Daily One Month LIBOR Borrowing. No Borrowing may be converted into, or continued as, a Eurodollar Borrowing if a Default
or an Event of Default exists, unless the Lender shall have otherwise consented in writing. No conversion of any Eurodollar Loans
shall be permitted except on the last day of the Interest Period in respect thereof. If Lender has not separately agreed that Borrower
may use the Loan Management Service, any Borrowing for which the Borrower has not made an election shall be a Daily One Month LIBOR
Borrowing. Any Borrowings made on the Borrower&rsquo;s behalf pursuant to <U>Section 2.23(b)</U> shall be a Daily One Month LIBOR
Borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.8&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Optional Reduction and Termination
of Revolving Commitment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Unless previously
terminated, the Revolving Commitment shall terminate on the Commitment Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Upon at least three
(3) New York Business Days prior written notice (or telephonic notice promptly confirmed in writing) to the Lender (which notice
shall be irrevocable), the Borrower may reduce the Revolving Commitment in part or terminate the Revolving Commitment in whole;
provided, that (i) any partial reduction pursuant to this <U>Section 2.8</U> shall be in an amount of at least $1,000,000.00 and
any larger multiple of $500,000.00, and (ii) no such reduction shall be permitted which would reduce the Revolving Commitment to
an amount less than the outstanding Revolving Credit Exposure of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.9&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Repayment of Loans.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The outstanding
principal amount of all Revolving Loans shall be due and payable (together with accrued and unpaid interest thereon) on the Commitment
Termination Date. Notwithstanding the foregoing, Borrower shall make a mandatory prepayment of the Revolving Loan in an amount
equal to the net proceeds of any Indebtedness described in <U>Section 7.1(f)</U> incurred by Borrower or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.10&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Evidence of Indebtedness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Lender shall
maintain in accordance with its usual practice appropriate records evidencing the indebtedness of the Borrower to the Lender resulting
from each Loan made by the Lender from time to time, including (i) the amounts of principal and interest payable thereon and paid
to the Lender from time to time under this Agreement, (ii) the Revolving Commitment of the Lender, (iii) the amount of each Loan
made hereunder by the Lender, the Type thereof and the Interest Period applicable thereto, (iv) the date of each continuation
thereof pursuant to <U>Section 2.7</U>, (v) the date of each conversion of all or a portion thereof to another Type pursuant to
<U>Section 2.7</U>, (vi) the date and amount of any principal or interest due and payable or to become due and payable from the
Borrower to the Lender hereunder in respect of such Loans, (vii) the date, stated amount, Available Amount and expiration or termination
of each outstanding Letter of Credit, and (viii) both the date and amount of any sum received by the Lender hereunder from the
Borrower in respect of the Loans. The entries made in such records shall be prima facie evidence of the existence and amounts
of the obligations of the Borrower therein recorded; provided, that the failure or delay of the Lender in maintaining or making
entries into any such record or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans
(both principal and unpaid accrued interest) in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower agrees
that it will execute and deliver to the Lender a Revolving Credit Note, payable to the order of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.11&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Optional Prepayments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower shall
have the right at any time and from time to time to prepay any Borrowing, in whole or in part, without premium or penalty; provided,
however, that any prepayment of Eurodollar Borrowings shall be in a minimum amount of $1,000,000.00 and any larger multiple of
$500,000.00. No prior written notice shall be required in the case of any prepayment of any Daily One Month LIBOR Borrowing. In
the case of prepayment of any Eurodollar Borrowing, Borrower shall give irrevocable written notice (or telephonic notice promptly
confirmed in writing) to the Lender no later than 11:00 a.m. not less than three (3) New York Business Days prior to any such
prepayment, and each such notice shall be irrevocable and shall specify the proposed date of such prepayment and the principal
amount of each Borrowing or portion thereof to be prepaid. If such notice is given, the aggregate amount specified in such notice
shall be due and payable on the date designated in such notice, together with accrued interest to such date on the amount so prepaid
in accordance with <U>Section 2.12(c)</U>; provided, that if a Eurodollar Borrowing is prepaid on a date other than the last day
of an Interest Period applicable thereto, the Borrower shall also pay all amounts required pursuant to <U>Section 2.18</U>. Each
partial prepayment of any Loan shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing
of the same Type pursuant to <U>Section 2.3</U>. Each prepayment of a Borrowing shall be applied ratably to the Loans comprising
such Borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.12&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Interest on Loans.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower shall
pay interest (i) on each Daily One Month LIBOR Loan at the Daily One Month LIBOR rate in effect from time to time, <U>plus</U>
the Applicable Margin in effect from time to time, and (ii) on each Eurodollar Loan at LIBOR for the applicable Interest Period
in effect for such Loan, <U>plus</U> the Applicable Margin in effect from time to time. In the event that any Loans shall from
time to time be Base Rate Loans, the Borrower shall pay interest on each Base Rate Loan at the Base Rate in effect from time to
time, <U>plus</U> the Applicable Margin in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">While an Event of
Default exists or after acceleration, at the option of the Lender, the Borrower shall pay interest (&ldquo;<B><I>Default Interest</I></B>&rdquo;)
with respect to all Eurodollar Loans at the rate otherwise applicable for the then-current Interest Period plus an additional 2%
per annum until the last day of such Interest Period, and thereafter, and with respect to all Base Rate Loans, all Daily One Month
LIBOR Loans, and all other Obligations hereunder (other than Loans), at an all-in rate in effect for Base Rate Loans, plus an additional
2% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Interest on the
principal amount of all Loans shall accrue from and including the date such Loans are made to but excluding the date of any repayment
thereof. Interest on all outstanding Daily One Month LIBOR Loans and Base Rate Loans shall be payable quarterly in arrears on the
last day of each March, June, September and December and on the Commitment Termination Date. Interest on all outstanding Eurodollar
Loans shall be payable on the last day of each Interest Period applicable thereto, and, in the case of any Eurodollar Loans having
an Interest Period in excess of 90 days, on each day which occurs every 90 days after the initial date of such Interest Period,
and on the Commitment Termination Date. Interest on any Loan which is converted into a Loan of another Type or which is repaid
or prepaid shall be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid
or prepaid) thereof. All Default Interest shall be payable on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Lender shall
determine each interest rate applicable to the Loans hereunder and shall promptly notify the Borrower of such rate in writing (or
by telephone, promptly confirmed in writing). Any such determination shall be conclusive and binding for all purposes, absent manifest
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.13&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Fees.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><I>Intentionally
omitted</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><I>Commitment Fee</I>.
The Borrower agrees to pay to the Lender a commitment fee, which shall accrue at the Applicable Margin (determined daily) on the
daily amount of the unused Revolving Loan portion of the Revolving Commitment of the Lender during the Availability Period; provided,
that if the Lender continues to have any Revolving Credit Exposure after the Commitment Termination Date, then the commitment
fee shall continue to accrue on the amount of the Lender&rsquo;s unused Revolving Loan portion of the Revolving Commitment from
and after the Commitment Termination Date to the date that all of the Lender&rsquo;s Revolving Credit Exposure has been paid in
full. Accrued commitment fees shall be payable quarterly, in arrears on the last day of each March, June, September and December
of each year and on the Commitment Termination Date, commencing on the first such date after the Closing Date; provided further,
that any commitment fees accruing after the Commitment Termination Date shall be payable on demand. For purposes of computing
commitment fees with respect to the Revolving Commitment, the Revolving Commitment shall be deemed used to the extent of the sum
of (i) the outstanding Revolving Loans, <I>plus</I> (ii) the Letter of Credit Exposure .</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><I>Upfront Fee</I>.
The Borrower shall pay to the Lender a one-time upfront fee equal to $20,000.00. The upfront fee shall be due and payable on the
Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><I>Letter of Credit
Fee</I>. On each LOC Fee Payment Date, the Borrower shall pay, in arrears, to the Lender, a Letter of Credit fee for each Letter
of Credit equal to the greater of (i) Lender&rsquo;s minimum letter of credit fee, determined in accordance with Lender&rsquo;s
standard fees and charges then in effect, and (ii) (A) the average daily outstanding Available Amount of such Letter of Credit
since the most recent LOC Fee Payment Date (or the date of issuance if later) times (B) the Applicable Margin for LIBOR on a per
annum basis. In addition to the foregoing Letter of Credit fees, the Lender may charge for its own account, fees for drawings,
transfers, amendments and other fees and charges as may be required under the Letter of Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.14&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Computation of Interest and Fees.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All computations
of interest and fees hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first
day but excluding the last day) occurring in the period for which such interest or fees are payable (to the extent computed on
the basis of days elapsed) except that Letter of Credit Fees shall be calculated in accordance with the Letter of Credit Documents.
Each determination by the Lender of an interest amount or fee hereunder shall be made in good faith and, except for manifest error,
shall be final, conclusive and binding for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.15&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Inability to Determine Interest Rates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If prior to the
commencement of any Interest Period for any Eurodollar Borrowing,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Lender shall
have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting
the relevant interbank market, adequate means do not exist for ascertaining LIBOR for such Interest Period, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Lender shall
have determined that the LIBOR does not adequately and fairly reflect the cost to the Lender of making, funding or maintaining
the Eurodollar Loans for such Interest Period, the Lender shall give written notice (or telephonic notice, promptly confirmed in
writing) to the Borrower as soon as practicable thereafter. In the case of Eurodollar Loans and Daily One Month LIBOR Loans, until
the Lender shall notify the Borrower that the circumstances giving rise to such notice no longer exist, (i) the obligations of
the Lender to make Eurodollar Loans or Daily One Month LIBOR Loans or to continue or convert outstanding Loans as or into Eurodollar
Loans or Daily One Month LIBOR Loans shall be suspended and (ii) all such affected Daily One Month LIBOR Loans shall be immediately
converted into Base Rate Loans and all such affect Eurodollar Loans shall be converted into Base Rate Loans on the last day of
the then current Interest Period applicable thereto unless the Borrower prepays such Loans in accordance with this Agreement. Unless
the Borrower notifies the Lender at least one (1) New York Business Day before the date of any Eurodollar Revolving Borrowing for
which a Notice of Revolving Borrowing has previously been given that it elects not to borrow on such date, then such Revolving
Borrowing shall be made as a Base Rate Borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.16&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Illegality.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any Change in
Law shall make it unlawful or impossible for the Lender to make, maintain or fund any Eurodollar Loan, the Lender shall promptly
give notice thereof to the Borrower, whereupon until the Lender notifies the Borrower that the circumstances giving rise to such
suspension no longer exist, the obligation of the Lender to make Eurodollar Loans or Daily One Month LIBOR Loans, or to continue
or convert outstanding Loans as or into Eurodollar Loans or Daily One Month LIBOR Loans, shall be suspended. In the case of the
making of a Eurodollar Borrowing, such Eurodollar Borrowing shall be made as a Base Rate Loan as part of the same Borrowing for
the same Interest Period and if the affected Eurodollar Loan is then outstanding, such Loan shall be converted to a Base Rate Loan
either (i) on the last day of the then current Interest Period applicable to such Eurodollar Loan if the Lender may lawfully continue
to maintain such Loan to such date or (ii) immediately if the Lender shall determine that it may not lawfully continue to maintain
such Eurodollar Loan to such date. Requests for Base Rate Borrowings shall be made prior to 11:00 a.m. one (1) New York Business
Day prior to the requested date of each Base Rate Borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.17&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Increased Costs.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If any Change in
Law shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(i)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">impose, modify or
deem applicable any reserve, special deposit, capital adequacy or similar requirement that is not otherwise included in the determination
of LIBOR hereunder against assets of, deposits with or for the account of, or credit extended by, the Lender; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(ii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">impose on the Lender
or the Eurodollar interbank market any other condition affecting this Agreement or any Eurodollar Loans made by the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(iii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">and the result of
the foregoing is to increase the cost to the Lender of making, converting into, continuing or maintaining a Eurodollar Loan or
to reduce the amount received or receivable by the Lender hereunder (whether of principal, interest or any other amount), then
the Borrower shall promptly pay, upon written notice from and demand by the Lender on the Borrower, to the Lender, within five
(5) New York Business Days after the date of such notice and demand, additional amount or amounts sufficient to compensate the
Lender for such additional costs incurred or reduction suffered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If the Lender shall
have determined that on or after the date of this Agreement any Change in Law regarding capital requirements has or would have
the effect of reducing the rate of return on the Lender&rsquo;s capital (or on the capital of the Lender&rsquo;s parent corporation)
as a consequence of its obligations hereunder to a level below that which the Lender or the Lender&rsquo;s parent corporation could
have achieved but for such Change in Law (taking into consideration the Lender&rsquo;s policies or the policies of the Lender&rsquo;s
parent corporation with respect to capital adequacy) then, from time to time, within five (5) New York Business Days after receipt
by the Borrower of written demand by the Lender, the Borrower shall pay to the Lender such additional amounts as will compensate
the Lender or the Lender&rsquo;s parent corporation for any such reduction suffered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">A certificate of
the Lender setting forth the amount or amounts necessary to compensate the Lender or the Lender&rsquo;s parent corporation, as
the case may be, specified in <U>paragraph</U> <U>(a)</U> or <U>(b)</U> of this Section shall be delivered to the Borrower and
shall be conclusive, absent manifest error. The Borrower shall pay any the Lender such amount or amounts within 10 days after receipt
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Failure or delay
on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender&rsquo;s right
to demand such compensation; provided, however, that Lender shall waive any right to demand any such compensation if notice is
not provided to Borrower within one hundred eighty (180) days of a Change in Law giving rise to such demand for additional compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.18&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Funding Indemnity.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event of
(a) the payment of any principal of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto (including
as a result of an Event of Default), (b) the conversion or continuation of a Eurodollar Loan other than on the last day of the
Interest Period applicable thereto or (c) the failure by the Borrower to borrow, prepay, convert or continue any Eurodollar Loan
on the date specified in any applicable notice (regardless of whether such notice is withdrawn or revoked), in any such event,
the Borrower shall compensate the Lender, within five (5) New York Business Days after written demand from the Lender, for any
loss, cost or expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense shall be deemed
to include an amount determined by the Lender to be the excess, if any, of (A) the amount of interest that would have accrued
on the principal amount of such Eurodollar Loan if such event had not occurred at LIBOR applicable to such Eurodollar Loan for
the period from the date of such event to the last day of the then current Interest Period therefor (or in the case of a failure
to borrow, convert or continue, for the period that would have been the Interest Period for such Eurodollar Loan) over (B) the
amount of interest that would accrue on the principal amount of such Eurodollar Loan for the same period if LIBOR were set on
the date such Eurodollar Loan was prepaid or converted or the date on which the Borrower failed to borrow, convert or continue
such Eurodollar Loan. A certificate as to any additional amount payable under this <U>Section 2.18</U> submitted to the Borrower
by the Lender shall be conclusive, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.19&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Taxes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Any and all payments
by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified
Taxes or Other Taxes; provided, that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such
payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section) the Lender shall receive an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrower shall make such deductions, and (iii) the Borrower shall pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In addition, the
Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower shall
indemnify the Lender, within five (5) New York Business Days after written demand therefor, for the full amount of any Indemnified
Taxes or Other Taxes paid by the Lender on or with respect to any payment by or on account of any obligation of the Borrower hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or
Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Borrower by the Lender shall be conclusive absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">As soon as practicable
after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to
the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.20&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Payments Generally.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower shall
make each payment required to be made by it hereunder (whether of principal, interest, fees, or of amounts payable under <U>Section
2.17</U>, <U>Section 2.18</U> or <U>Section 2.19</U>, or otherwise) prior to 11:00 a.m., Jacksonville, Florida time, on the date
when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may,
in the discretion of the Lender, be deemed to have been received on the next succeeding New York Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Lender at the Payment Office. If any payment hereunder shall be due on
a day that is not a New York Business Day, the date for payment shall be extended to the next succeeding New York Business Day,
and, in the case of any payment accruing interest, interest thereon shall be made payable for the period of such extension. All
payments hereunder shall be made in Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If at any time insufficient
funds are received by and available to the Lender to pay fully all amounts of principal, interest and fees then due hereunder,
such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.21&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Mitigation of Obligations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Lender requests
compensation under <U>Section 2.17</U>, or if the Borrower is required to pay any additional amount to the Lender or any Governmental
Authority for the account of the Lender pursuant to <U>Section 2.19</U>, then the Lender shall use reasonable efforts to designate
a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another
of its offices, branches or affiliates, if, in the sole judgment of the Lender, such designation or assignment (i) would eliminate
or reduce amounts payable under <U>Section 2.17</U> or <U>Section 2.19</U>, as the case may be, in the future and (ii) would not
subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to the Lender. The Borrower
hereby agrees to pay all costs and expenses incurred by the Lender in connection with such designation or assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.22&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Letter of Credit Commitment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the terms
and conditions set forth herein and provided no Default exists, the Lender agrees to issue Letters of Credit from time to time
during the Availability Period; provided, however, that (a) no Letter of Credit shall have a stated expiration date later than
five (5) New York Business Days prior to the Commitment Termination Date, as it may be extended, (b) the aggregate Available Amount
of all Letters of Credit outstanding at any time shall not exceed the lesser of (i) $10,000,000.00 and (ii) the difference between
the Revolving Commitment and the Revolving Credit Exposures of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.23&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Procedure for Issuance and Reimbursement
of Letters of Credit.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower shall
give the Lender a written request for the issuance of a Letter of Credit (a &ldquo;<B><I>Letter of Credit Notice</I></B>&rdquo;),
and shall provide to the Lender such Letter of Credit Documents as it may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Should there occur
any drawing under a Letter of Credit, such drawing shall constitute a Notice of Revolving Borrowing from the Borrower (which the
Borrower hereby irrevocably authorizes) requesting the Lender to make a Revolving Loan on the date of such drawing in an amount
equal to the amount of such drawing. The proceeds of such Revolving Loan, to be funded in accordance with <U>Section 2.6</U>, shall
be used exclusively for the reimbursement of such drawing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If for any reason,
a Revolving Loan may not be (as determined in the sole discretion of the Lender) or is not, made in accordance with the provisions
of Subsection (b) above, then the Lender shall be considered to have made a loan (the &ldquo;<B><I>LOC Loan</I></B>&rdquo;) to
the Borrower in the amount of such drawing. The LOC Loan shall be payable on demand, shall be a Base Rate Loan, and shall be an
Obligation hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.24&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Increased Cost.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If a Change of Law
or compliance by the Lender with any request or directive (whether or not having the force of law) of any Governmental Authority
either: (i) shall subject the Lender to any tax, duty or other charge with respect to any Letter of Credit or its obligations hereunder
or under any Letter of Credit Documents, or (ii) shall impose, modify or deem applicable any reserve, special deposit insurance
or similar requirement (including, without limitation, any such requirements imposed by the Board of Governors of the Federal Reserve
System) against assets of, deposits with or for the account of, or credit extended by, the Lender or its parent; or (iii) shall
impose on the Lender or its parent any other similar condition relating to the Letter of Credit or its obligations hereunder or
under any Letter of Credit Documents; and the result of any of the foregoing is to increase the cost to the Lender or its parent
of making or maintaining the Letter of Credit or its obligations hereunder or under any Letter of Credit Documents, or to reduce
the amount received or receivable by the Lender or its parent under this Agreement, under the Letter of Credit or hereunder or
under the other Loan Documents with respect thereto, by an amount deemed by the Lender to be material, the Lender shall notify
the Borrower in writing describing such circumstances and the amount needed to compensate the Lender or its parent. Within ten
(10) days after demand by the Lender, Borrower shall pay to the Lender such additional amount or amounts as will compensate the
Lender or its parent for such increased cost or reduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">If the Lender shall
have determined that a Change of Law or compliance by the Lender with any request or directive regarding capital adequacy (whether
or not having the force of law) of any Authority, has or would have the effect of reducing the rate of return on the Lender&rsquo;s
(or its parent&rsquo;s) capital as a consequence of the issuance or continuance of any Letter of Credit or its ability to make
Loans or LOC Loans upon the occurrence of draws under any Letter of Credit (taking into consideration the Lender&rsquo;s (or its
parent&rsquo;s) policies with respect to capital adequacy), by an amount deemed by the Lender to be material, then from time to
time, the Lender shall notify the Borrower in writing describing such circumstances and the amount needed to compensate the Lender
or its parent. Within ten (10) days after demand by the Lender, Borrower shall pay to the Lender such additional amount or amounts
as will compensate the Lender (or its parent&rsquo;s) for such reduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In determining amounts
owing pursuant to Subsections (a) and (b), the Lender may use any reasonable averaging, allocation and attribution methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.25&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Obligations Absolute.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The obligations
of Borrower under the Letter of Credit Documents and this Agreement with respect to reimbursement for drawings under Letters of
Credit shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement
and the Letter of Credit Documents, under all circumstances whatsoever, including, without limitation, the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any lack of validity
or enforceability of the Letter of Credit, any of the Loan Documents or any other agreement or instrument related thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any amendment or
waiver of or any consent to departure from the terms of the Letter of Credit, any of the Loan Documents or any other agreement
or instrument related thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the existence of
any claim, setoff, defense or other right which Borrower may have at any time against the Lender, any beneficiary or any transferee
of the Letter of Credit (or any Person for whom the Lender, any such beneficiary or any such transferee may be acting), or any
other Person, whether in connection with this Agreement, the Loan Documents, the Letter of Credit, or any unrelated transaction;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any statement, draft
or other document presented under the Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect,
or any statement therein being untrue or inaccurate in any respect whatsoever; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the surrender or
impairment of any security for the performance or observance of any of the terms of this Agreement, or any of the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 2.26&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Letter of Credit Documents.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The obligations
of the Borrower and rights of the Lender herein with respect to Letters of Credit shall be in addition to the obligations of the
Borrower and rights of the Lender under the Letter of Credit Documents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
3<BR>
<BR>
CONDITIONS PRECEDENT TO LOANS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 3.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Conditions To Effectiveness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The obligation of
the Lender to make Loans and/or issue Letters of Credit hereunder shall not become effective until the date on which each of the
following conditions is satisfied (or waived in accordance with <U>Section 10.2)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Lender shall
have received all fees and other amounts due and payable on or prior to the Closing Date, including reimbursement or payment of
all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel to the Lender) required to be reimbursed
or paid by the Borrower hereunder, under any other Loan Document and under any agreement with the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Lender (or its
counsel) shall have received the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(i)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">a counterpart of this
Agreement signed by or on behalf of each party thereto or written evidence satisfactory to the Lender (which may include telecopy
transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(ii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">a duly executed Revolving
Credit Note payable to the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(iii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">a duly executed Subsidiary
Guarantee Agreement and Indemnity and Contribution Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(iv)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">a certificate of
the Secretary or Assistant Secretary of each Loan Party in the form of Exhibit 3.1(b)(iv), attaching and certifying copies of
its bylaws and of the resolutions of its boards of directors, authorizing the execution, delivery and performance of the Loan
Documents to which it is a party and certifying the name, title and true signature of each officer of such Loan Party executing
the Loan Documents to which it is a party;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(v)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">certified copies of
the articles of incorporation or other charter documents of each Loan Party, together with certificates of good standing or existence
from the Secretary of State of the jurisdiction of incorporation of such Loan Party and each other jurisdiction where such Loan
Party is required to be qualified to do business as a foreign corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(vi)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">a favorable written
opinion of counsel to the Loan Parties, addressed to the Lender, and covering such matters relating to the Loan Parties, the Loan
Documents and the transactions contemplated therein as the Lender shall reasonably request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(vii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">a certificate in the
form of Exhibit 3.1(b)(vii), dated the Closing Date and signed by a Responsible Officer, confirming compliance with the conditions
set forth in paragraphs (a), (b) and (c) of <U>Section 3.2</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(viii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">duly executed Notice
of Revolving Borrowing, Letter of Credit Notices and Letter of Credit Documents, if applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(ix)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">a duly executed Closing
Statement and Disbursement Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(x)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">certified copies of
all consents, approvals, authorizations, registrations or filings, if any, required to be made or obtained by each Loan Party in
connection with the Loans; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.5in">(xi)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">all other documents
deemed reasonably necessary by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Upon the effectiveness
of this Agreement, the Lender shall make an advance under the Revolving Loan in the principal amount of $__________, the proceeds
of which will be used to repay certain revolving loans outstanding under the Original Credit Agreement advanced for the benefit
of the Borrower and its Subsidiaries, and the Letters of Credit issued and outstanding under the Original Credit Agreement and
listed on Exhibit 3.1(c) hereto shall automatically, without further action on the part of Borrower, be deemed to constitute outstanding
letters of credit issued and outstanding under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Nothing has come
to the attention of the Lender regarding (i) pending or threatened litigation involving the Borrower or any Subsidiary or (ii)
compliance by the Borrower and each Subsidiary with environmental, OSHA and other public health, safety or welfare laws and regulations,
employee benefit plans or insurance coverages that would be reasonably likely to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 3.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Each Credit Event.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The obligation of
the Lender to make a Loan or issue a Letter of Credit is subject to the satisfaction of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">at the time of and
immediately after giving effect to such Borrowing or issuance of a Letter of Credit, no Default or Event of Default shall exist;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">all representations
and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects on and as
of the date of such Borrowing or issuance of a Letter of Credit, in each case before and after giving effect thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">since the date of
the most recent financial statements of the Borrower described in <U>Section 5.1(a)</U>, there shall have been no change which
has had or could reasonably be expected to have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Lender shall
have received such other documents, certificates, information or legal opinions as the Lender may reasonably request, all in form
and substance reasonably satisfactory to the Lender; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">with respect to
each issuance of a Letter of Credit, the Lender shall have received all LOC Documents it may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Borrowing or
issuance of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof
as to the matters specified in paragraphs (a), (b) and (c) of this <U>Section 3.2</U>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
4<BR>
<BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower represents
and warrants to the Lender as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Existence; Power.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower and
each of the Guarantors (i) is duly organized, validly existing and in good standing as a corporation under the laws of the jurisdiction
of its organization, (ii) has all requisite power and authority to carry on its business as now conducted, and (iii) is duly qualified
to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be
so qualified could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Organizational Power; Authorization.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The execution,
delivery and performance by each Loan Party of the Loan Documents to which it is a party are within such Loan Party&rsquo;s organizational
powers and have been duly authorized by all necessary organizational, and if required, stockholder action. This Agreement has
been duly executed and delivered by the Borrower, and constitutes, and each other Loan Document to which any Loan Party is a party,
when executed and delivered by such Loan Party, will constitute, valid and binding obligations of the Borrower or such Loan Party
(as the case may be), enforceable against it in accordance with their respective terms, except as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors&rsquo; rights generally
and by general principles of equity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.3&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Governmental Approvals; No Conflicts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The execution, delivery
and performance by the Borrower of this Agreement, and by each Loan Party of the other Loan Documents to which it is a party (a)
do not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those
as have been obtained or made and are in full force and effect or where the failure to do so, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect, (b) will not violate any applicable law or regulation or the
charter, bylaws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority,
(c) will not violate or result in a default under any indenture, material agreement or other material instrument binding on the
Borrower or any of its Subsidiaries or any of their assets or give rise to a right thereunder to require any payment to be made
by the Borrower or any of its Subsidiaries and (d) will not result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries, except Liens (if any) created under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.4&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Financial Statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower has
furnished to the Lender the audited consolidated balance sheet of Patriot Transportation, Inc., of Florida (formerly known as Patriot
Transportation Holding, Inc.), and its Subsidiaries as of September 30, 2014. Such financial statements fairly present the consolidated
financial condition of Patriot Transportation, Inc., of Florida and its Subsidiaries as of such dates and the consolidated results
of operations for such periods in conformity with GAAP consistently applied. Since the date of the financial statements described
above, there have been no changes with respect to Patriot Transportation, Inc., of Florida and its Subsidiaries which have had
or could reasonably be expected to have, singly or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.5&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Litigation and Environmental Matters.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">No litigation, investigation
or proceeding of or before any arbitrators or Governmental Authorities is pending against or, to the knowledge of the Borrower,
threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an
adverse determination that could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect
or (ii) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Except for the
matters set forth on Schedule 4.5, neither the Borrower nor any of its Subsidiaries (i) to the best of its actual knowledge, has
failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required
under any Environmental Law, (ii) to the best of its actual knowledge, has become subject to any Environmental Liability, (iii)
has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental
Liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.6&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Compliance with Laws and Agreements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the best of its
actual knowledge, the Borrower and each Subsidiary is in compliance with (a) all applicable laws, rules, regulations and orders
of any Governmental Authority, and (b) all indentures, agreements or other instruments binding upon it or its properties, except
where non-compliance, either singly or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.7&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Investment Company Act, Etc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Borrower
nor any of its Subsidiaries is (a) an &ldquo;<B><I>investment company</I></B>,&rdquo; as defined in, or subject to regulation under,
the Investment Company Act of 1940, as amended, (b) a &ldquo;<B><I>holding company</I></B>&rdquo; as defined in, or subject to
regulation under, the Public Utility Holding Company Act of 1935, as amended or (c) otherwise subject to any other regulatory scheme
limiting its ability to incur debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.8&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Taxes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower and
its Subsidiaries and each other Person for whose taxes the Borrower or any Subsidiary could become liable have timely filed or
caused to be filed all Federal income tax returns and all other material tax returns that are required to be filed by them, and
have paid all taxes shown to be due and payable on such returns or on any assessments made against it or its property and all other
taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except (i) to the extent the failure
to do so would not have a Material Adverse Effect or (ii) where the same are currently being contested in good faith by appropriate
proceedings and for which the Borrower or such Subsidiary, as the case may be, has set aside on its books adequate reserves. The
charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of such taxes are adequate, and no
tax liabilities that could be materially in excess of the amount so provided are anticipated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.9&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Margin Regulations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">None of the proceeds
of any of the Loans will be used for &ldquo;<B><I>purchasing</I></B>&rdquo; or &ldquo;<B><I>carrying</I></B>&rdquo; any &ldquo;<B><I>margin
stock</I></B>&rdquo; with the respective meanings of each of such terms under Regulation U as now and from time to time hereafter
in effect or for any purpose that violates the provisions of the applicable Margin Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.10&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>ERISA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No ERISA Event
has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability
is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all
accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Standards
No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value
of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Standards No. 87) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.11&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Ownership of Property.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each of the Borrower
and its Subsidiaries has good title to, or valid leasehold interests in, all of its real and personal property material to the
operation of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each of the Borrower
and its Subsidiaries owns, or is licensed, or otherwise has the right, to use, all patents, trademarks, service marks, trade names,
copyrights and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does
not infringe on the rights of any other Person, except for any such infringements that, individually or in the aggregate, would
not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.12&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower has
disclosed to the Lender all agreements, instruments, and corporate or other restrictions to which the Borrower or any of its Subsidiaries
is subject, and all other matters known to any of them, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. None of the reports (including without limitation all reports that the Borrower is required
to file with the Securities and Exchange Commission), financial statements, certificates or other information furnished by or on
behalf of the Borrower to the Lender in connection with the negotiation of this Agreement or any other Loan Document or delivered
hereunder or thereunder (as modified or supplemented by any other information so furnished) contain any material misstatement of
fact or omits to state any material fact necessary to make the statements therein, taken as a whole, in light of the circumstances
under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.13&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Labor Relations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There are no strikes,
lockouts or other material labor disputes or grievances against the Borrower or any of its Subsidiaries, or, to the Borrower&rsquo;s
knowledge, threatened against or affecting the Borrower or any of its Subsidiaries, and no significant unfair labor practice, charges
or grievances are pending against the Borrower or any of its Subsidiaries, or to the Borrower&rsquo;s knowledge, threatened against
any of them before any Governmental Authority. All payments due from the Borrower or any of its Subsidiaries pursuant to the provisions
of any collective bargaining agreement have been paid or accrued as a liability on the books of the Borrower or any such Subsidiary,
except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.14&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Subsidiaries.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Schedule 4.14 sets
forth the name of, the ownership interest of the Borrower in, the jurisdiction of incorporation of, and the type of, each Subsidiary
and identifies each Subsidiary that is a Subsidiary Loan Party, in each case as of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.15&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Legal Name.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The exact legal
name of the Borrower, including spelling and punctuation, as such name appears in its articles of incorporation, is as set forth
in the preamble hereof. The Borrower&rsquo;s state issued organizational identification number is P14000036126.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.16&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>No Restrictions on Dividends.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There are no restrictions
on dividends or repayment of intercompany loans in any agreements of any Subsidiary Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.17&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Solvency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The fair saleable
value of the Borrower&rsquo;s assets, measured on a going concern basis, exceeds all probable liabilities, including those to be
incurred pursuant to this Agreement. Neither the Borrower nor any Subsidiary has incurred, or believes that it will incur after
giving effect to the transactions contemplated by this Agreement, debts beyond its ability to pay such debts as they become due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.18&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Insurance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The property and
liability insurance maintained by the Borrower and its Subsidiaries on and as of the date hereof complies in all respects with
the requirements set forth in <U>Section 5.8</U>. All such insurance policies are in full force and effect. All premiums (if any)
due on such insurance policies or renewals thereof have been paid and there is no default under any of such insurance policies.
Neither the Borrower nor its Subsidiaries have received any notice or other communication from any issuer of such insurance policies
canceling or materially amending any such insurance policies, any deductibles or retained amounts thereunder, or the annual or
other premiums payable thereunder, and no such cancellation or material amendment is threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 4.19&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Outstanding Indebtedness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On the date of this
Agreement, the Borrower has no outstanding Indebtedness except (i) as reflected on the financial statements of the Borrower which
have been provided to the Lender or disclosed in Schedule 7.1 attached hereto and (ii) Indebtedness incurred in the ordinary course
of business subsequent to the date of such financial statements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
5<BR>
<BR>
AFFIRMATIVE COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower covenants
and agrees that so long as the Lender has a Revolving Commitment hereunder or the principal of and interest on any Loan or any
fee remains unpaid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Financial Statements and Other Information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
deliver to the Lender:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">as soon as available
and in any event within 90 days after the end of each fiscal year of Borrower, (i) a copy of the annual audited report for such
fiscal year for the Borrower and its Subsidiaries, containing a consolidated balance sheet of the Borrower and its Subsidiaries
as of the end of such fiscal year and the related consolidated statements of income, stockholders&rsquo; equity and cash flows
(together with all footnotes thereto) of the Borrower and its Subsidiaries for such fiscal year, setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail and reported on by Hancock Askew &amp; Co.
LLP or other independent certified public accountants of nationally recognized standing chosen by Borrower and acceptable to the
Lender (without a &ldquo;<B><I>going concern</I></B>&rdquo; or like qualification, exception or explanation and without any qualification
or exception as to scope of such audit), to the effect that such financial statements present fairly in all material respects the
financial condition and the results of operations of the Borrower and its Subsidiaries for such fiscal year on a consolidated basis
in accordance with GAAP and that the examination by such accountants in connection with such consolidated financial statements
has been made in accordance with generally accepted auditing standards and (ii) annual unaudited consolidating balance sheets and
income statements for the Borrower and its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">as soon as available
and in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, (i)
an unaudited consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal quarter with comparative
information for the previous year end, (ii) the related unaudited consolidated statements of income of the Borrower and its Subsidiaries
for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures
for the corresponding quarter and the corresponding portion of Borrower&rsquo;s previous fiscal year, and (iii) consolidated statements
of cash flow for the then elapsed portion of such fiscal year with comparative information for the corresponding portion of the
previous fiscal year, all certified by the chief financial officer or treasurer of the Borrower as presenting fairly in all material
respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP, subject to normal year-end audit adjustments and the absence of footnotes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">concurrently with
the delivery of the financial statements or information referred to in clauses (a) and (b) above, (i) a certificate of a Responsible
Officer, (1) certifying, to the best of his actual knowledge, as to whether there exists a Default or Event of Default on the date
of such certificate, and if a Default or an Event of Default then exists, specifying the details thereof and the action which the
Borrower has taken or proposes to take with respect thereto and (2) stating whether any change in GAAP or the application thereof
has occurred since the date of the Borrower&rsquo;s audited financial statements referred to in <U>Section 4.4</U> and, if any
change has occurred, specifying the effect of such change on the financial statements accompanying such certificate and (ii) a
Covenant Compliance Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">promptly after the
same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed with the Securities
and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission, or with any national
securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">not later than
sixty days prior to the beginning of each fiscal year following the Closing Date, an operating budget for the succeeding fiscal
year in form and substance reasonably acceptable to the Lender; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">promptly following
any request therefor, such other information regarding the results of operations, business affairs and financial condition of the
Borrower or any Subsidiary as the Lender may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Notices of Material Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
furnish to the Lender prompt written notice of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the occurrence of
any Default or Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the filing or commencement
of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of the Borrower,
affecting the Borrower or any Subsidiary which, if adversely determined, could reasonably be expected to result in a Material Adverse
Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the occurrence of
any event or any other development by which the Borrower or any of its Subsidiaries (i) fails to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) becomes
subject to any Environmental Liability, (iii) receives notice of any claim with respect to any Environmental Liability, or (iv)
becomes aware of any basis for any Environmental Liability and in each of the preceding clauses, which individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the occurrence of
any ERISA Event that alone, or together with any other ERISA Events that have occurred, could reasonably be expected to result
in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the acquisition
or formation of a new Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">transfers of assets
to non-Material Subsidiaries outside the ordinary course of business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any other development
that results in, or could reasonably be expected to result in, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each notice delivered
under this Section shall be accompanied by a written statement of a Responsible Officer setting forth the details of the event
or development requiring such notice and any action taken or proposed to be taken with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.3&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Existence; Conduct of Business.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will,
and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and maintain in full
force and effect its legal existence and its respective rights, licenses, permits, privileges, franchises, patents, copyrights,
trademarks and trade names material to the conduct of its business and will continue to engage in substantially the same business
as presently conducted or such other businesses that are reasonably related thereto; provided, that nothing in this Section shall
prohibit any merger, consolidation, liquidation or dissolution permitted under <U>Section 7.3</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.4&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Compliance with Laws, Etc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will,
and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and requirements of any Governmental Authority
applicable to its properties, except where the failure to do so, either individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.5&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Payment of Obligations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will,
and will cause each of its Subsidiaries to, pay and discharge at or before maturity, all of its obligations and liabilities (including
without limitation all tax liabilities and claims that could result in a statutory Lien) before the same shall become delinquent
or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b)
the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c)
the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.6&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Books and Records.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will,
and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries shall
be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the consolidated
financial statements of Borrower in conformity with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.7&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Visitation, Inspection, Etc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will,
and will cause each of its Subsidiaries to, permit any representative of the Lender, on reasonable advance written notice, to visit
and inspect its properties, to examine its books and records and to make copies and take extracts therefrom, and to discuss its
affairs, finances and accounts with any of its officers and with its independent certified public accountants, all at such reasonable
times and as often as the Lender may reasonably request after reasonable prior notice to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.8&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Maintenance of Properties; Insurance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will,
and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good
working order and condition, ordinary wear and tear except where the failure to do so, either individually or it the aggregate,
could not reasonably be expected to result in a Material Adverse Effect and (b) maintain with financially sound and reputable
insurance companies, insurance with respect to its properties and business, and the properties and business of its Subsidiaries,
against loss or damage of the kinds and at least in the amounts as maintained by the Borrower and the Subsidiaries on the date
of this Agreement; provided that such amounts shall be appropriately adjusted for inflation and for changes in the nature and
volume of the business conducted by the Borrower and its Subsidiaries; provided further, however, that for purposes of this <U>Section
5.8</U>, the self-insurance program of the Borrower and its Subsidiaries with respect to comprehensive and collision damage to
its highway vehicles, comprehensive general and automotive liability and property damage and as in effect on the date hereof is
hereby deemed adequate insurance against losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.9&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Use of Proceeds.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
use the proceeds of the Loans for working capital, bridge financing for development projects of the Borrower and its Subsidiaries,
to support the issuance of standby letters of credit, and for other general corporate purposes. No part of the proceeds of any
Loan will be used, whether directly or indirectly, for any purpose that would violate any rule or regulation of the Board of Governors
of the Federal Reserve System, including Regulations T, U or X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.10&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Additional Subsidiaries.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any additional
Subsidiary is acquired or formed after the Closing Date, the Borrower will, within ten (10) New York Business Days after such Subsidiary
is acquired or formed, notify the Lender thereof. From time to time at Lender&rsquo;s request, Borrower will cause any Subsidiary
that is not at the time of such request a Guarantor (other than a Subsidiary that is a Foreign Subsidiary or a SPE Subsidiary)
to become a Subsidiary Loan Party by executing agreements in the form of Annex I to Exhibit D and Annex I to Exhibit E in form
and substance satisfactory to the Lender, and will cause each such Subsidiary to deliver simultaneously therewith similar documents
applicable to such Subsidiary required under <U>Section 3.1</U> as reasonably requested by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 5.11&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Deposit Relationship.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
maintain a primary depository and treasury management service with the Lender.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
6<BR>
<BR>
FINANCIAL COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower covenants
and agrees that so long as the Lender has a Revolving Commitment hereunder or the principal of or interest on or any Loan remains
unpaid or any fee remains unpaid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 6.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Leverage Ratio.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
have, as of the end of each fiscal quarter of the Borrower a Leverage Ratio of not greater than 55%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 6.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Fixed Charge Coverage Ratio.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
have, as of the end of each fiscal quarter of the Borrower, a Fixed Charge Coverage Ratio of not less than 1.50:1.0, calculated
based on a rolling four quarter basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For purposes of this Article 6, notwithstanding
anything in this Agreement to the contrary, for purposes of calculating the Leverage Ratio and the Fixed Charge Coverage Ratio,
(i) the Indebtedness of any Person shall include non-recourse indebtedness of such Person and of any partnership or joint venture
in which such Person is a general partner or a joint venturer, and (ii) for the avoidance of doubt, FRP Riverfront and its subsidiaries
shall be excluded therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 6.3&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Tangible Net Worth.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will,
at all times, maintain a Tangible Net Worth of not less than $110,000,000, with such minimum Tangible Net Worth to increase as
of the end of each fiscal year, commencing December 31, 2014, by an amount equal to thirty three and four-tenths of one percent
(33.4%) of Borrower&rsquo;s positive net income for the fiscal year then ending. This covenant shall be tested quarterly. &ldquo;Tangible
Net Worth&rdquo; shall mean Consolidated Net Worth, provided that the aggregate amount of any intangible assets, including, without
limitation, merchant contracts, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, and
brand names, shall be subtracted from total assets.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
7<BR>
<BR>
NEGATIVE COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower covenants
and agrees that so long as the Lender has a Revolving Commitment hereunder or the principal of or interest on any Loan remains
unpaid or any fee remains unpaid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Indebtedness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Indebtedness created
pursuant to the Loan Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Indebtedness existing
on the date hereof and set forth on <U>Schedule 7.1 </U>(including unborrowed portions of any lines of credit shown thereon) and
extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately
prior to giving effect to such extension, renewal or replacement) or shorten the maturity or the weighted average life thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Permitted Subordinated
Debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Indebtedness in
respect of obligations under Hedging Agreements permitted by <U>Section 7.10</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">current Indebtedness
incurred in the ordinary course of business, trade letters of credit and Indebtedness arising in connection with letters of credit
obtained in the ordinary course of business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Indebtedness in
the form of mortgage loans in connection with financing of improved commercial real properties, so long as after giving effect
thereto and to the outstanding principal balance of any indebtedness described in <U>Section 7.1(b)</U>, no Event of Default shall
have occurred under <U>Section 6.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Negative Pledge.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien on any of its assets or
property now owned or hereafter acquired except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Permitted Encumbrances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any Liens on any
property or assets of the Borrower or any Subsidiary existing on the Closing Date set forth on <U>Schedule 7.2</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">purchase money Liens
upon or in any fixed or capital assets to secure the purchase price or the cost of construction or improvement of such fixed or
capital assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction or improvement
of such fixed or capital assets (including Liens securing any Capital Lease Obligations); provided, that (i) such Lien attaches
to such asset concurrently or within 90 days after the acquisition, improvement or completion of the construction thereof; (ii)
such Lien does not extend to any other asset; and (iii) the Indebtedness secured thereby does not exceed the cost of acquiring,
constructing or improving such fixed or capital assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any Lien (i) existing
on any asset of any Person at the time such Person becomes a Subsidiary of the Borrower, (ii) existing on any asset of any Person
at the time such Person is merged with or into the Borrower or any Subsidiary of the Borrower or (iii) existing on any asset prior
to the acquisition thereof by the Borrower or any Subsidiary of the Borrower; provided, that any such Lien was not created in the
contemplation of any of the foregoing and any such Lien secures only those obligations which it secures on the date that such Person
becomes a Subsidiary or the date of such merger or the date of such acquisition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Liens securing Indebtedness
permitted under <U>Section 7.1</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Liens or pledges
of securities of the Borrower or any Subsidiary to governmental agencies pursuant to the Borrower&rsquo;s or any Subsidiary&rsquo;s
insurance program;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Rights reserved
or vested in governmental authority which do not materially impair the use of such property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(h)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">extensions, renewals,
or replacements of any Lien referred to in paragraphs <U>(a)</U> through <U>(g)</U> of this Section; provided, that the principal
amount of the Indebtedness secured thereby is not increased and that any such extension, renewal or replacement is limited to the
assets originally encumbered thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(i)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Liens arising under
that certain Contingent Mortgage and Security Agreement dated as of May 18, 2012, from Lake Louisa, LLC, a Florida limited liability
company and a Subsidiary of Borrower, in favor of Cemex Construction Materials, LLC, a Delaware limited liability company, in
connection with a Mining Lease dated May 18, 2012, related to certain real property located in Lake County, Florida, as more specifically
described in such mortgage; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(j)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Liens on improved
commercial real properties in connection with financing thereof, provided, however, that in no event shall the Borrower or any
of its Subsidiaries create, incur, assume or suffer to exist any Lien on any of their respective aggregate mining properties owned
as of the Closing Date, as described on Exhibit 7.1(j), except as otherwise provided hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.3&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Fundamental Changes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Except as permitted
by <U>Section 7.6</U>, the Borrower will not, and will not permit any Subsidiary to, merge into or consolidate into any other Person,
or permit any other Person to merge into or consolidate with it, or sell, lease, transfer or otherwise dispose of (in a single
transaction or a series of transactions) all or substantially all of its assets (in each case, whether now owned or hereafter acquired)
or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired) or
liquidate or dissolve; provided, that if at the time thereof and immediately after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing (i) the Borrower or any Subsidiary may merge with a Person if the Borrower (or such
Subsidiary if the Borrower is not a party to such merger) is the surviving Person, (ii) any Subsidiary may merge into another Subsidiary;
provided, that if any party to such merger is a Subsidiary Loan Party, the Subsidiary Loan Party shall be the surviving Person,
(iii) any Subsidiary may sell, transfer, lease or otherwise dispose of all or substantially all of its assets to the Borrower or
to a Subsidiary Loan Party, and (iv) any Subsidiary (other than a Subsidiary Loan Party) may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous
to the Lender; provided, that any such merger involving a Person that is not a wholly-owned Subsidiary immediately prior to such
merger shall not be permitted unless also permitted by <U>Section 7.4</U>. Notwithstanding the foregoing, the Borrower and the
Guarantors shall be permitted to transfer real properties to SPE Subsidiaries for the purpose of permanent financing of such properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower will
not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of substantially
the same type conducted by the Borrower and its Subsidiaries on the date hereof and businesses reasonably related thereto. The
Borrower will not permit FRP Riverfront to engage to any material extent in any business other than the business conducted by FRP
Riverfront on the date hereof and businesses reasonably related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.4&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Investments, Loans, Etc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person
that was not a wholly-owned Subsidiary prior to such merger), any common stock, evidence of indebtedness or other securities (including
any option, warrant, or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee
any obligations of, or make or permit to exist any investment or any other interest in, any other Person (all of the foregoing
being collectively called &ldquo;<B><I>Investments</I></B>&rdquo;), or purchase or otherwise acquire (in one transaction or a series
of transactions) any assets of any other Person (&ldquo;<B><I>Acquisitions</I></B>&rdquo;), except:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Investments (other
than Permitted Investments) existing on the date hereof and set forth on Schedule 7.4;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Permitted Investments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Guarantees constituting
Indebtedness permitted by <U>Section 7.1</U>; provided, that the aggregate principal amount of Indebtedness of Subsidiaries that
are not Subsidiary Loan Parties that is Guaranteed by any Loan Party shall be subject to the limitation set forth in clause (d)
hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Investments made
by the Borrower in or to any Subsidiary and by any Subsidiary to the Borrower or in or to another Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">loans or advances
to employees, officers or directors of the Borrower or any Subsidiary in the ordinary course of business for travel, relocation
and related expenses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Hedging Agreements
permitted by <U>Section 7.10</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Real estate investments
or joint ventures that are typical in the Borrower&rsquo;s ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(h)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Other Investments
which in the aggregate do not exceed $5,000,000.00 in any fiscal year of the Borrower; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(i)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Acquisitions not
to exceed in the aggregate in any fiscal year of the Borrower 20% of Consolidated Net Worth (measured at the end of the immediately
preceding fiscal year); provided that Acquisitions in the aggregate in any fiscal year of the Borrower in excess of 20% of Consolidated
Net Worth (measured at the end of the immediately preceding fiscal year) may be made after delivery to the Lender of pro forma
consolidated financial statements, certified by the Borrower and reasonably acceptable to the Lender, showing that after giving
effect to such Acquisitions (i) Borrower shall remain in compliance with the financial covenants set forth in Article 6 hereof
on a pro forma basis, and (ii) no Default or Event of Default would exist.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.5&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Restricted Payments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">After the date of
this Agreement, the Borrower will not, and will not permit its Subsidiaries to, declare or make, or agree to pay or make, directly
or indirectly, any dividend on any class of its stock, or make any payment on account of, or set apart assets for a sinking or
other analogous fund for, the purchase, redemption, retirement, defeasance or other acquisition of, any Indebtedness subordinated
to the Obligations of the Borrower or any options, warrants, or other rights to purchase such Indebtedness, whether now or hereafter
outstanding (each, a &ldquo;<B><I>Restricted Payment</I></B>&rdquo;), except for (i) dividends not exceeding 66.6% of Consolidated
Net Income allocable to Borrower and its Subsidiaries subsequent to September 30, 2003, (ii) dividends payable by the Borrower
solely in shares of any class of its common stock, (iii) Restricted Payments made by any Subsidiary to the Borrower or to another
Subsidiary Loan Party and (iv) cash redemptions of the common stock of the Borrower; provided, that the exceptions permitted pursuant
to clauses (i) through (iv) shall apply only if no Default or Event of Default has occurred and is continuing at the time such
dividend or other payment is paid or redemption is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.6&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Sale of Assets.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any of its Subsidiaries to, convey, sell, lease, assign, transfer or otherwise dispose of, any of its
assets, business or property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares
of such Subsidiary&rsquo;s common stock to, any Person other than the Borrower or any wholly-owned Subsidiary of the Borrower (or
to qualify directors if required by applicable law), except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the sale or other
disposition for fair market value of obsolete or worn out property or other property not necessary for operations disposed of in
the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the sale of assets
and Permitted Investments in the ordinary course of the real estate business of the Borrower and its Subsidiaries including, without
limitation, the sale of any parcel of real property for fair market value; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the transfer of
real properties to SPE Subsidiaries for the purpose of permanent financing of such properties, in the ordinary course of business
of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.7&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Transactions with Affiliates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase,
lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates,
except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such
Subsidiary than could be obtained on an arm&rsquo;s-length basis from unrelated third parties including, without limitation, those
affiliate transactions disclosed in the Borrower&rsquo;s Form 10-K as on file with the Securities and Exchange Commission on the
date hereof, (b) transactions between or among the Borrower and the Guarantors not involving any other Affiliates and (c) any Restricted
Payment permitted by <U>Section 7.5</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.8&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Restrictive Agreements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement that prohibits,
restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit any Lien upon
any of its assets or properties, whether now owned or hereafter acquired, or (b) the ability of any Subsidiary to pay dividends
or other distributions with respect to its common stock, to make or repay loans or advances to the Borrower or any other Subsidiary,
to Guarantee Indebtedness of the Borrower or any other Subsidiary or to transfer any of its property or assets to the Borrower
or any Subsidiary of the Borrower; provided, that (i) the foregoing shall not apply to restrictions or conditions imposed by law
or by this Agreement or any other Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained
in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the
Subsidiary that is sold and such sale is permitted hereunder, (iii) clause (a) shall not apply to restrictions or conditions imposed
by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions and conditions apply only to
the property or assets securing such Indebtedness and (iv) clause (a) shall not apply to customary provisions in leases and other
contracts restricting the assignment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.9&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Sale and Leaseback Transactions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any of the Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it shall sell
or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter
rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property
sold or transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.10&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Hedging Agreements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any of the Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into
in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct
of its business or the management of its liabilities. Solely for the avoidance of doubt, the Borrower acknowledges that a Hedging
Agreement entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedging Agreement
under which the Borrower or any of the Subsidiaries is or may become obliged to make any payment (i) in connection with the purchase
by any third party of any common stock or any Indebtedness or (ii) as a result of changes in the market value of any common stock
or any Indebtedness) is not a Hedging Agreement entered into in the ordinary course of business to hedge or mitigate risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.11&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Amendment to Material Documents.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any Subsidiary to, amend, modify or waive any of its rights in a manner materially adverse to the Lender
under its certificate of incorporation, bylaws or other organizational documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.12&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Permitted Subordinated Indebtedness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower will
not (i) prepay, redeem, repurchase or otherwise acquire for value any Permitted Subordinated Debt, or (ii) make any principal,
interest or other payments on any Permitted Subordinated Debt that is not expressly permitted by the subordination provisions of
the Subordinated Debt Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower will
not agree to or permit any amendment, modification or waiver of any provision of any Subordinated Debt Document if the effect of
such amendment, modification or waiver is to (i) increase the interest rate on such Permitted Subordinated Debt for change (to
earlier dates) the dates upon which principal and interest are due thereon; (ii) alter the redemption, prepayment or subordination
provisions thereof; (iii) alter the covenants and events of default in a manner that would make such provisions more onerous or
restrictive to the Borrower; or (iv) otherwise increase the obligations of the Borrower in respect of such Permitted Subordinated
Debt or confer additional rights upon the holders thereof which individually or in the aggregate would be adverse to the Borrower
or to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.13&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Accounting Changes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any Subsidiary to, make any significant change in accounting treatment or reporting practices, except
as required or preferred by GAAP, or change the fiscal year of the Borrower or of any Subsidiary, except to change the fiscal year
of a Subsidiary to conform its fiscal year to that of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 7.14&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Name Changes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower will
not, and will not permit any Guarantor to, without thirty (30) days prior written notice, change its name, its place of business
or, if more than one, chief executive office, or its mailing address or organizational identification number if it has one.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
8<BR>
<BR>
EVENTS OF DEFAULT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 8.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Events of Default.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any of the following
events (each an &ldquo;<B><I>Event of Default</I></B>&rdquo;) shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Borrower shall
fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at
a date fixed for prepayment or otherwise; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Borrower shall
fail to pay any interest on any Loan or any fee or any other amount (other than an amount payable under clause (a) of this Article)
payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of ten (10) days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any representation
or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any
other Loan Document (including the Schedules attached thereto) and any amendments or modifications hereof or waivers hereunder,
or in any certificate, report, financial statement or other document submitted to the Lender by any Loan Party or any representative
of any Loan Party pursuant to or in connection with this Agreement or any other Loan Document shall prove to be false or misleading
when made or deemed made or submitted; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Borrower shall
fail to observe or perform any covenant or agreement contained in <U>Sections</U> <U>5.1</U> or <U>5.10</U> or <U>Articles</U>
<U>6</U> or <U>7</U> (other than in <U>Section 7.14</U>) and such failure shall continue unremedied for a period of thirty (30)
days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any Loan Party shall
fail to observe or perform any covenant or agreement contained in <U>Section 5.9</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any Loan Party shall
fail to observe or perform any covenant or agreement contained in this Agreement or any other Loan Document (other than those referred
to in clauses <U>(a), (b), (d) and (e)</U> above), and such failure shall remain unremedied for 30 days after the earlier of (i)
any officer of the Borrower becomes aware of such failure, or (ii) written notice thereof shall have been given to the Borrower
by the Lender; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Borrower, any
Subsidiary Loan Party or any other Subsidiary subject to any Material Indebtedness other than non-recourse Indebtedness (a &ldquo;<B><I>Recourse
Subsidiary</I></B>&rdquo;) (whether as primary obligor or as guarantor or other surety) shall fail to pay any principal of or premium
or interest on such Material Indebtedness that is outstanding, when and as the same shall become due and payable (whether at scheduled
maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period,
if any, specified in the agreement or instrument evidencing such Material Indebtedness; or any other event shall occur or condition
shall exist under any agreement or instrument relating to such Material Indebtedness and shall continue after the applicable grace
period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or permit
the acceleration of, the maturity of such Material Indebtedness; or any such Material Indebtedness shall be declared to be due
and payable; or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased
or defeased, or any offer to prepay, redeem, purchase or defease such Material Indebtedness shall be required to be made, in each
case prior to the stated maturity thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(h)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Borrower, any
Subsidiary Loan Party or any Recourse Subsidiary shall (i) commence a voluntary case or other proceeding or file any petition seeking
liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now
or hereafter in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official of it
or any substantial part of its property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (i) of this Section, (iii) apply for or consent to the appointment of a custodian,
trustee, receiver, liquidator or other similar official for the Borrower, any such Subsidiary Loan Party or any Recourse Subsidiary
or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of
effecting any of the foregoing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(i)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">an involuntary proceeding
shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect
of the Borrower, any Subsidiary Loan Party or any Recourse Subsidiary or its debts, or any substantial part of its assets, under
any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of
a custodian, trustee, receiver, liquidator or other similar official for the Borrower, any Subsidiary Loan Party or any Recourse
Subsidiary or for a substantial part of its assets, and in any such case, such proceeding or petition shall remain undismissed
for a period of 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(j)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">the Borrower, any
Subsidiary Loan Party or any Recourse Subsidiary shall become unable to pay, shall admit in writing its inability to pay, or shall
fail to pay, its debts as they become due; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(k)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">an ERISA Event shall
have occurred that, in the opinion of the Lender, when taken together with other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(l)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any judgment or
order for the payment of money in excess of $1,000,000.00 (after application of net insurance proceeds, if any) in the aggregate
or that could reasonably be expected to have a Material Adverse Effect shall be rendered against the Borrower, any Subsidiary Loan
Party or any Recourse Subsidiary, and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment
or order or (ii) there shall be a period of 60 consecutive days during which a stay of enforcement of such judgment or order, by
reason of a pending appeal or otherwise, shall not be in effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(m)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any non-monetary
judgment or order shall be rendered against the Borrower, any Subsidiary Loan Party or any Recourse Subsidiary that could reasonably
be expected to have a Material Adverse Effect, and there shall be a period of 60 consecutive days during which a stay of enforcement
of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(n)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">a Change in Control
shall occur or exist; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(o)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">any provision of
any Subsidiary Guarantee Agreement shall for any reason cease to be valid and binding on, or enforceable against, any Subsidiary
Loan Party, or any Subsidiary Loan Party shall so state in writing, or any Subsidiary Loan Party shall seek to terminate its Subsidiary
Guarantee Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">then, and in every such event (other
than an event with respect to the Borrower described in clause (h) or (i) of this Section) and at any time thereafter during the
continuance of such event, the Lender may, by notice to the Borrower, take any or all of the following actions, at the same or
different times: (i) terminate the Revolving Commitment; (ii) declare the principal of and any accrued interest on the Loans, and
all other Obligations owing hereunder, to be, whereupon the same shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; (iii) exercise all remedies contained
in any other Loan Document; and (iv)&nbsp;demand payment of an amount equal to 100% of the aggregate Available Amount under all
outstanding Letters of Credit, to be held by the Lender as collateral for the Borrower&rsquo;s reimbursement obligations; and that,
if an Event of Default specified in either clause (h) or (i) shall occur, the Revolving Commitment shall automatically terminate
and the principal of the Loans then outstanding, together with accrued interest thereon, an amount equal to the aggregate Available
Amount under all outstanding Letters of Credit, and all fees, and all other Obligations shall automatically become due and payable,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
9<BR>
<BR>
RESERVED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
10<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.1&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Notices.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Except in the case
of notices and other communications expressly permitted to be given by telephone, all notices and other communications to any party
herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in">To the Borrower:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">FRP Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">200 W. Forsyth Street, 7th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in">Attention: John D. Milton, Jr.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in">To the Lender:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Wells Fargo Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">One Independent Drive, 25<SUP>th</SUP> Floor<BR>
Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Attention: Kevin S. Hawkins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in">Telephone No: (904) 351-7303</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in">With a copy to:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Charles V. Hedrick, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Foley &amp; Lardner LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">One Independent Drive, Suite 1300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in">Jacksonville, Florida 32202-5017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any party hereto may change its address
or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All such notices and other
communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery,
or if mailed, upon the third New York Business Day after the date deposited into the mails or if delivered, upon delivery; provided,
that notices delivered to the Lender shall not be effective until actually received by such Person at its address specified in
this <U>Section 10.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Any agreement of
the Lender herein to receive certain notices by telephone is solely for the convenience and at the request of the Borrower. The
Lender shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrower to give such
notice and the Lender shall not have any liability to the Borrower or other Person on account of any action taken or not taken
by the Lender in reliance upon such telephonic notice. The obligation of the Borrower to repay the Loans and all other Obligations
hereunder shall not be affected in any way or to any extent by any failure of the Lender to receive written confirmation of any
telephonic notice or the receipt by the Lender of a confirmation which is at variance with the terms understood by the Lender to
be contained in any such telephonic notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.2&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Waiver; Amendments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">No failure or delay
by the Lender in exercising any right or power hereunder or any other Loan Document, and no course of dealing between the Borrower
and the Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power or any abandonment
or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any
other right or power hereunder or thereunder. The rights and remedies of the Lender hereunder and under the other Loan Documents
are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision of this Agreement or
any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall
be permitted by <U>paragraph</U> <U>(b)</U> of this Section, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not
be construed as a waiver of any Default or Event of Default, regardless of whether the Lender may have had notice or knowledge
of such Default or Event of Default at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">No amendment or
waiver of any provision of this Agreement or the other Loan Documents, nor consent to any departure by the Borrower therefrom,
shall in any event be effective unless the same shall be in writing and signed by the Borrower and the Lender and then such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.3&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Expenses; Indemnification.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower shall
pay (i) all reasonable, out-of-pocket costs and expenses of the Lender and its Affiliates, including the reasonable fees, charges
and disbursements of counsel for the Lender and its Affiliates, in connection with the syndication of the credit facilities provided
for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers thereof (whether
or not the transactions contemplated in this Agreement or any other Loan Document shall be consummated) and (ii) all reasonable
out-of-pocket costs and expenses (including, without limitation, the reasonable fees, charges and disbursements of outside counsel
and the allocated cost of inside counsel) incurred by the Lender in connection with the enforcement or protection of its rights
in connection with this Agreement, including its rights under this Section, or in connection with the Loans made, including all
such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower shall
indemnify the Lender, and each Related Party of the Lender (each, an &ldquo;<B><I>Indemnitee</I></B>&rdquo;) against, and hold
each of them harmless from, any and all costs, losses, liabilities, claims, damages and related expenses, including the reasonable
fees, charges and disbursements of any counsel for any Indemnitee, which may be incurred by or asserted against any Indemnitee
arising out of, in connection with or as a result of (i) the execution or delivery of this Agreement or any other agreement or
instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation
of any of the transactions contemplated hereby, (ii) any Loan or any actual or proposed use of the proceeds therefrom, (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned by the Borrower or any Subsidiary or
any Environmental Liability related in any way to the Borrower or any Subsidiary or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless
of whether any Indemnitee is a party thereto; provided, that the Borrower shall not be obligated to indemnify any Indemnitee for
any of the foregoing arising out of such Indemnitee&rsquo;s gross negligence or willful misconduct as determined by a court of
competent jurisdiction in a final and nonappealable judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower shall
pay, and hold the Lender harmless from and against, any and all present and future stamp, documentary, and other similar taxes
with respect to this Agreement and any other Loan Documents, any collateral described therein, or any payments due thereunder,
and save the Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to
pay such taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">To the extent permitted
by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection
with or as a result of, this Agreement or any agreement or instrument contemplated hereby, the transactions contemplated therein,
any Loan or the use of proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">All amounts due
under this Section shall be payable promptly after written demand therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.4&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Successors and Assigns.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns,
except that the Borrower may not assign or transfer any of its rights hereunder without the prior written consent of Lender (and
any attempted assignment or transfer by the Borrower without such consent shall be null and void).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Lender may at
any time, without the consent of the Borrower, sell participations to one or more banks or other entities (a &ldquo;<B><I>Participant</I></B>&rdquo;)
in all or a portion of the Lender&rsquo;s rights and obligations under this Agreement (including all or a portion of the Revolving
Commitment and the Loans owing to it); provided, that (i) the Lender&rsquo;s obligations under this Agreement shall remain unchanged,
(ii) the Lender shall remain solely responsible to the other parties hereto for the performance of its obligations hereunder, and
(iii) the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender&rsquo;s rights and
obligations under this Agreement and the other Loan Documents. Any agreement between the Lender and the Participant with respect
to such participation shall provide that the Lender shall retain the sole right and responsibility to enforce this Agreement and
the other Loan Documents and the right to approve any amendment, modification or waiver of this Agreement and the other Loan Documents;
provided, that such participation agreement may provide that the Lender will not, without the consent of the Participant, agree
to any amendment, modification or waiver of this Agreement that would (i) increase the Revolving Commitment of the Participant
without the written consent of such Participant, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon,
or reduce any fees payable hereunder, without the written consent of each Participant affected thereby, (iii) postpone the date
fixed for any payment of any principal of, or interest on, any Loan or interest thereon or any fees hereunder or reduce the amount
of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of the Revolving Commitment,
without the written consent of each Participant affected thereby, (iv) release any guarantor or limit the liability of any such
guarantor under any guaranty agreement without the written consent of such Participant; or (v) release all or substantially all
collateral (if any) securing any of the Obligations without the written consent of such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of <U>Sections</U> <U>2.16</U>, <U>2.17</U>, and <U>2.18</U> to the same extent as
if it were a Lender hereunder and had acquired its interest by assignment pursuant to paragraph (b); provided, that no Participant
shall be entitled to receive any greater payment under <U>Section 2.16</U> or <U>2.18 </U>than the Lender would have been entitled
to receive with respect to the participation sold to such Participant unless the sale of such participation is made with the Borrower&rsquo;s
prior written consent. To the extent permitted by law, the Borrower agrees that each Participant shall be entitled to the benefits
of <U>Section 2.20</U> as though it were the Lender, provided, that such Participant agrees to share with the Lender the proceeds
thereof in accordance with <U>Section 2.20</U> as fully as if it were the Lender hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Lender may at
any time pledge or assign a security interest in all or any portion of its rights under this Agreement and the Revolving Credit
Note to secure its obligations to a Federal Reserve Bank without complying with this Section; provided, that no such pledge or
assignment shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender
as a party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.5&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Governing Law; Jurisdiction; Consent
to Service of Process.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">This Agreement and
the other Loan Documents shall be construed in accordance with and be governed by the law (without giving effect to the conflict
of law principles thereof) of the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower hereby
irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the Circuit Court of
Duval County, Florida, the United States District Court of the Middle District of Florida, and of any state court of the State
of Florida and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or
any other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such Florida state court or, to the extent permitted by applicable law, such Federal court. Each
of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan
Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Borrower irrevocably
and unconditionally waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or
proceeding described in paragraph <U>(b)</U> of this Section and brought in any court referred to in paragraph <U>(b)</U> of this
Section. Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.6&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Arbitration.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Arbitration</U>.
The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between
or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or
otherwise in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation,
execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement,
default or termination; or (ii) requests for additional credit. In the event of a court ordered arbitration, the party requesting
arbitration shall be responsible for timely filing the demand for arbitration and paying the appropriate filing fee within 30 days
of the abatement order or the time specified by the court. Failure to timely file the demand for arbitration as ordered by the
court will result in that party&rsquo;s right to demand arbitration being automatically terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Governing Rules</U>.
Any arbitration proceeding will (i) proceed in a location in Florida selected by the American Arbitration Association (&ldquo;AAA&rdquo;);
(ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of
law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the
parties shall mutually agree upon, in accordance with the AAA&rsquo;s commercial dispute resolution procedures, unless the claim
or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration
shall be conducted in accordance with the AAA&rsquo;s optional procedures for large, complex commercial disputes (the commercial
dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable,
as the &ldquo;Rules&rdquo;). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set
forth herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall
bear all costs and expenses incurred by such other party in compelling arbitration of any dispute. Nothing contained herein shall
be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. &sect;91 or any similar
applicable state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>No Waiver of
Provisional Remedies, Self-Help and Foreclosure</U>. The arbitration requirement does not limit the right of any party to (i) foreclose
against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral
such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment
or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute
a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising
from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Arbitrator Qualifications
and Powers</U>. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single
arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which
the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however,
that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney
licensed in the State of Florida or a neutral retired judge of the state or federal judiciary of Florida, in either case with a
minimum of ten years&rsquo; experience in the substantive law applicable to the subject matter of the dispute to be arbitrated.
The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining
any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator&rsquo;s
discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary
adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of Florida and may grant any remedy
or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to
make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions
and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules
of Civil Procedure, the Florida Rules of Civil Procedure or other applicable law. Judgment upon the award rendered by the arbitrator
may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of
a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the
controversy or claim to arbitration if any other party contests such action for judicial relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Discovery</U>.
In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited
to matters directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date.
Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the
arbitrator upon a showing that the request for discovery is essential for the party&rsquo;s presentation and that no alternative
means for obtaining information is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Class Proceedings
and Consolidations</U>. No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration,
except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member
of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Payment Of Arbitration
Costs And Fees</U><B>.</B> The arbitrator shall award all costs and expenses of the arbitration proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(h)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Miscellaneous</U>.
To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration
proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding
may disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary
course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties
potentially applies to a dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of
the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents
or any relationship between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(i)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Small Claims
Court</U>. Notwithstanding anything herein to the contrary, each party retains the right to pursue in Small Claims Court any dispute
within that court&rsquo;s jurisdiction. Further, this arbitration provision shall apply only to disputes in which either party
seeks to recover an amount of money (excluding attorneys&rsquo; fees and costs) that exceeds the jurisdictional limit of the Small
Claims Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.7&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Right of Setoff.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition to any
rights now or hereafter granted under applicable law and not by way of limitation of any such rights, the Lender shall have the
right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior notice
to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, to set off and
apply against all deposits (general or special, time or demand, provisional or final) of the Borrower at any time held or other
obligations at any time owing by the Lender to or for the credit or the account of the Borrower against any and all Obligations
held by the Lender, irrespective of whether the Lender shall have made demand hereunder and although such Obligations may be unmatured.
the Lender agrees promptly to notify the Borrower after any such set off and any application made by the Lender; provided, that
the failure to give such notice shall not affect the validity of such set-off and application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.8&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Counterparts; Integration.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement may
be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Agreement, the other Loan
Documents, and any separate letter agreement(s) relating to any fees payable to the Lender constitute the entire agreement among
the parties hereto and thereto regarding the subject matters hereof and thereof and supersede all prior agreements and understandings,
oral or written, regarding such subject matters.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.9&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Survival.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All covenants, agreements,
representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the
execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party
or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and
so long as the Revolving Commitment has not expired or terminated. The provisions of <U>Sections</U> <U>2.17</U>, <U>2.18</U>,
<U>2.19 and</U> <U>10.3</U> shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination of the Revolving Commitment or the termination of
this Agreement or any provision hereof. All representations and warranties made herein, in the certificates, reports, notices,
and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement and the other
Loan Documents, and the making of the Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.10&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Severability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any provision of
this Agreement or any other Loan Document held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction,
be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability
of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in
a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.11&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Confidentiality.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Lender agrees
to take normal and reasonable precautions to maintain the confidentiality of any information designated in writing as confidential
and provided to it by the Borrower or any Subsidiary, except that such information may be disclosed (i) to any Related Party of
the Lender, including without limitation accountants, legal counsel and other advisors, (ii) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (iii) to the extent requested by any regulatory agency or authority,
(iv) to the extent that such information becomes publicly available other than as a result of a breach of this Section, or which
becomes available to the Lender or any Related Party of any of the foregoing on a nonconfidential basis from a source other than
the Borrower, (v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding relating to this Agreement
or the enforcement of rights hereunder, and subject to provisions substantially similar to this <U>Section 10.11</U>, to any actual
or prospective assignee or Participant, or (vi) with the consent of the Borrower. Any Person required to maintain the confidentiality
of any information as provided for in this Section shall be considered to have complied with its obligation to do so if such Person
has exercised the same degree of care to maintain the confidentiality of such information as such Person would accord its own confidential
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.12&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>Interest Rate Limitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other
amounts which may be treated as interest on such Loan under applicable law (collectively, the &ldquo;<B><I>Charges</I></B>&rdquo;),
shall exceed the maximum lawful rate of interest (the &ldquo;<B><I>Maximum Rate</I></B>&rdquo;) which may be contracted for, charged,
taken, received or reserved by the Lender in accordance with applicable law, the rate of interest payable in respect of such Loan
hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful,
the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation
of this Section shall be cumulated and the interest and Charges payable to the Lender in respect of other Loans or periods shall
be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal
Funds Rate to the date of repayment, shall have been received by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><B>Section 10.13&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in"><B>US PATRIOT Act Notice.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything herein to the contrary, Lender hereby notifies the Borrower that, pursuant to the requirements of Title III of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of
2001 (Public Law 107&ndash;56, signed into law October&nbsp;26, 2001) and regulations promulgated thereunder (collectively, the
&ldquo;<B><I>Patriot Act</I></B>&rdquo;), Lender is required to obtain, verify and record information that identifies the Loan
Parties, including without limitation the name, address and identification number of each Loan Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><I>[Remainder of
Page Intentionally Left Blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><I>&nbsp;</I></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed, under seal in the case of the Borrower, by their respective
authorized officers as of the day and year first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FRP HOLDINGS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Print Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">John D. Milton, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -13.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -13.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: -13.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Vice President and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -13.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -13.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -13.5pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -13.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -13.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -13.5pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>WELLS FARGO BANK, N.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Print Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Charles N. Kauffman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Senior Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ACKNOWLEDGMENT OF BORROWER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">STATE OF GEORGIA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">COUNTY OF CAMDEN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On this the ____
day of January, 2015, personally appeared John D. Milton, Jr., as the Vice President and Chief Financial Officer of FRP Holdings,
Inc., a Florida corporation (the &ldquo;<B><I>Borrower</I></B>&rdquo;), and before me, executed the foregoing 2015 Credit Agreement
dated as of January 30, 2015, between the Borrower and Wells Fargo Bank, N.A. on behalf of such corporation. Such person: <I>(notary
must check applicable box)</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-size: 10pt">is personally known to me.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">produced a current Florida driver&rsquo;s license as identification.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">produced ______________________________________________ as identification.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-size: 8pt">{Notary Seal must be affixed} </FONT></TD>
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signature of Notary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">Name of Notary </FONT><FONT STYLE="font-size: 8pt"><BR>
Typed, Printed or Stamped)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt">Commission Number (if not legible on seal):&nbsp;&nbsp;______________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt">My Commission Expires (if not legible on seal):&nbsp;&nbsp;___________________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ACKNOWLEDGMENT OF WELLS FARGO BANK,
N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">STATE OF GEORGIA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt">COUNTY OF CAMDEN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On this the ___
day of January, 2015, personally appeared Charles&nbsp;N. Kauffman, as the Senior Vice President of Wells Fargo Bank, N.A., a national
banking association, and before me, executed the foregoing 2015 Credit Agreement dated as of January 30, 2015, between the Borrower
and Wells Fargo Bank, N.A., on behalf of such national banking association. Such person: <I>(notary must check applicable box)</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-size: 10pt">is/are personally known to me.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">produced a current Florida driver&rsquo;s license as identification.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">produced ______________________________________________ as identification.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-size: 8pt">{Notary Seal must be affixed} </FONT></TD>
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signature of Notary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">Name of Notary </FONT><FONT STYLE="font-size: 8pt"><BR>
Typed, Printed or Stamped)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt">Commission Number (if not legible on seal):&nbsp;&nbsp;______________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt">My Commission Expires (if not legible on seal):&nbsp;&nbsp;___________________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 4.5</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ENVIRONMENTAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Anacostia RiverFront Phase I remediation</FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">$1,771,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 4.14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FRP Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Subsidiaries<BR>
As of January 30, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 775px; width: 688px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 7.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">EXISTING INVESTMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">September 30, 2014</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">National Interstate Captive Loss Fund</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">$2,320,679.00</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">REVOLVING CREDIT NOTE</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">$20,000,000.00</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">St. Mary&rsquo;s, Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">January 30, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned, FRP HOLDINGS, INC., a Florida corporation (the &ldquo;<B><I>Borrower</I></B>&rdquo;), hereby promises to pay to
Wells Fargo Bank, N.A. (the &ldquo;<B><I>Lender</I></B>&rdquo;) or its registered assigns, at the office of Lender at One Independent
Drive, 25<SUP>th</SUP> Floor, Jacksonville, Florida 32202, on the Commitment Termination Date (as defined in the 2015 Credit Agreement
of even date herewith (as the same may be amended, supplemented or otherwise modified from time to time, the &ldquo;<B><I>Credit
Agreement</I></B>&rdquo;)), between the Borrower and the Lender, the lesser of the principal sum of Twenty Million and No/100 Dollars
($20,000,000.00) and the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to
the Credit Agreement, in lawful money of the United States of America in immediately available funds, and to pay interest from
the date hereof on the principal amount thereof from time to time outstanding, in like funds, at said office, at the rate or rates
per annum and payable on such dates as provided in the Credit Agreement. In addition, should legal action or an attorney-at-law
be utilized to collect any amount due hereunder, the Borrower further promises to pay all costs of collection, including the reasonable
attorneys&rsquo; fees of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Borrower promises
to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from their due dates
at a rate or rates provided in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Note is issued
in connection with, and is entitled to the benefits of, the Credit Agreement which, among other things, contains provisions for
the acceleration of the maturity hereof upon the happening of certain events, for prepayment of the principal hereof prior to the
maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions
therein specified. THIS REVOLVING CREDIT NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF FLORIDA
AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FRP HOLDINGS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">AFFIDAVIT OF OUT-OF-STATE DELIVERY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">STATE OF GEORGIA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">COUNTY OF CAMDEN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Before me this day
personally appeared ______________________________ (the &ldquo;<B><I>Borrower&rsquo;s Agent</I></B>&rdquo;), _______________ [title
or capacity] of FRP Holdings, Inc. (the &ldquo;<B><I>Borrower</I></B>&rdquo;) and ___________________________ the _____________
of Wells Fargo Bank, N.A. (the &ldquo;<B><I>Bank&rsquo;s Agent</I></B>&rdquo;), a duly authorized agent of Wells Fargo Bank, N.A.,
who being by me first duly sworn, depose(s) and say(s):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">That on the date hereof
the Borrower&rsquo;s Agent executed the following documents on behalf of the Borrower (collectively, the &ldquo;<B><I>Documents</I></B>&rdquo;)
in the State of Georgia:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0.5in">A.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in">That certain
Revolving Credit Note in the stated principal amount of $20,000,000 dated January 30, 2015, made payable by Borrower to Wells Fargo
Bank, N.A. (the &ldquo;Lender&rdquo;) and (b) that certain 2015 Credit Agreement dated January 30, 2015 between Borrower and Lender..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">That the Borrower&rsquo;s
Agent personally delivered the Documents to the Bank&rsquo;s Agent and the Bank&rsquo;s Agent as agent of the Lender, accepted
the Documents on the date hereof in the State of Georgia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">FURTHER AFFIANTS SAYETH NOT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>BORROWER&rsquo;S AGENT:</B></FONT></TD>
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[<I>name of Borrower&rsquo;s Agent</I>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>BANK&rsquo;S AGENT:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[<I>name of Bank&rsquo;s Agent</I>]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Sworn to and subscribed before me this
____ day of January, 2015, at _______________, Georgia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notary Public, State and County Aforesaid</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">My Commission No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center"><B>RESERVED</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT C</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[FORM OF]<BR>
SUBSIDIARY GUARANTEE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SUBSIDIARY GUARANTEE
AGREEMENT dated as of January 30, 2015, among each of the Subsidiaries listed on Schedule I hereto (each such subsidiary individually,
a &ldquo;<B><I>Guarantor</I></B>&rdquo; and collectively, the &ldquo;<B><I>Guarantors</I></B>&rdquo;) of <B>FRP HOLDINGS, INC.</B>,
a Florida corporation (the &ldquo;<B><I>Borrower</I></B>&rdquo;), and <B>WELLS FARGO BANK, NATIONAL ASSOCIATION</B>, a national
banking association (the &ldquo;<B><I>Lender</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to the 2015 Credit Agreement of even date herewith (as amended, supplemented or otherwise modified from time to time, the &ldquo;<B><I>Credit
Agreement</I></B>&rdquo;), between the Borrower and the Lender. Capitalized terms used herein and not defined herein shall have
the meanings assigned to such terms in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Lender has agreed
to make Loans to the Borrower, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement.
Each of the Guarantors is a direct or indirect wholly-owned Subsidiary of the Borrower, and part of a common economic enterprise,
and acknowledges that it will derive substantial benefit from the making of the Loans by the Lenders because advances thereunder
will be used for working capital, capital expenditure and other general corporate purposes of the Guarantors and will benefit the
consolidated group. The obligation of the Lender to make Loans is conditioned on, among other things, the execution and delivery
by the Guarantors of a Subsidiary Guarantee Agreement in the form hereof. As consideration therefor and in order to induce the
Lender to make Loans, the Guarantors are willing to execute this Subsidiary Guarantee Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Accordingly, the
parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Guarantee</U>.
Each Guarantor unconditionally guarantees, jointly with the other Guarantors and severally, (a) the due and punctual payment of
(i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and
as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary
obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), of the Loan Parties to the Lender under the Credit Agreement and
the other Loan Documents, (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the
Loan Parties under or pursuant to the Credit Agreement and the other Loan Documents; and (c) the due and punctual payment and performance
of all obligations of the Borrower, monetary or otherwise, under each Hedging Agreement entered into with a counterparty that was
the Lender or an Affiliate of a Lender at the time such Hedging Agreement was entered into (all the monetary and other obligations
referred to in the preceding clauses (a) through (c) being collectively called the &ldquo;<B><I>Obligations</I></B>&rdquo;). Each
Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent
from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Obligations Not
Waived</U>. To the fullest extent permitted by applicable law, each Guarantor waives presentment to, demand of payment from and
protest to the Borrower of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest
for nonpayment. To the fullest extent permitted by applicable law, the obligations of each Guarantor hereunder shall not be affected
by (a) the failure of the Lender to assert any claim or demand or to enforce or exercise any right or remedy against the Borrower
or any other Guarantor under the provisions of the Credit Agreement, any other Loan Document or otherwise, (b) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions of, this Agreement, any other Loan Document,
any Guarantee or any other agreement, including with respect to any other Guarantor under this Agreement, or (c) the failure to
perfect any security interest in, or the release of, any of the security held by or on behalf of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 3.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Guarantee of Payment</U>.
Each Guarantor further agrees that its guarantee constitutes a guarantee of payment when due and not of collection, and waives
any right to require that any resort be had by the Lender to any of the security held for payment of the Obligations or to any
balance of any deposit account or credit on the books of the Lender in favor of the Borrower or any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 4.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>No Discharge or
Diminishment of Guarantee</U>. The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment
or termination for any reason (other than the indefeasible payment in full in cash of the Obligations), including any claim of
waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff,
counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations
or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged
or impaired or otherwise affected by the failure of the Lender to assert any claim or demand or to enforce any remedy under the
Credit Agreement, any other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof,
by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or omission
that may or might in any manner or to the extent vary the risk of any Guarantor or that would otherwise operate as a discharge
of each Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 5.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Defenses of Borrower
Waived</U>. To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any
defense of the Borrower or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any
cause of the liability of the Borrower, other than the final and indefeasible payment in full in cash of the Obligations. The Lender
may, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept
an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation
with the Borrower or any other guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except
to the extent the Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each Guarantor
waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or
to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower or any
other Guarantor or guarantor, as the case may be, or any security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 6.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Agreement to Pay;
Subordination</U>. In furtherance of the foregoing and not in limitation of any other right that the Lender has at law or in equity
against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Obligation when and
as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby
promises to and will forthwith pay, or cause to be paid, to the Lender in cash the amount of such unpaid Obligations. Upon payment
by any Guarantor of any sums to the Lender, all rights of such Guarantor against the Borrower arising as a result thereof by way
of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in
right of payment to the prior indefeasible payment in full in cash of all the Obligations. In addition, any indebtedness of the
Borrower now or hereafter held by any Guarantor is hereby subordinated in right of payment to the prior payment in full in cash
of the Obligations. If any amount shall erroneously be paid to any Guarantor on account of (i) such subrogation, contribution,
reimbursement, indemnity or similar right or (ii) any such indebtedness of the Borrower, such amount shall be held in trust for
the benefit of the Lender and shall forthwith be paid to the Lender to be credited against the payment of the Obligations, whether
matured or unmatured, in accordance with the terms of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 7.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Information</U>.
Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower&rsquo;s financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent
of the risks that such Guarantor assumes and incurs hereunder, and agrees that the Lender will have no duty to advise any of the
Guarantors of information known to it or any of them regarding such circumstances or risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 8.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Representations
and Warranties</U>. Each Guarantor represents and warrants as to itself that all representations and warranties relating to it
(as a Subsidiary of the Borrower) contained in the Credit Agreement are true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 9.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Termination</U>.
The guarantees made hereunder (a) shall terminate when all the Obligations have been paid in full in cash and the Lender has no
further commitment to lend under the Credit Agreement and (b) shall continue to be effective or be reinstated, as the case may
be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Lender or
any Guarantor upon the bankruptcy or reorganization of the Borrower, any Guarantor or otherwise. In connection with the foregoing,
the Lender shall execute and deliver to such Guarantor or Guarantor&rsquo;s designee, at such Guarantor&rsquo;s expense, any documents
or instruments which such Guarantor shall reasonably request from time to time to evidence such termination and release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 10.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Binding Effect;
Several Agreement; Assignments</U>. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantors
that are contained in this Agreement shall bind and inure to the benefit of each party hereto and their respective successors and
assigns. This Agreement shall become effective as to any Guarantor when a counterpart hereof executed on behalf of such Guarantor
shall have been delivered to the Lender, and a counterpart hereof shall have been executed on behalf of the Lender, and thereafter
shall be binding upon such Guarantor and the Lender and their respective successors and assigns, and shall inure to the benefit
of such Guarantor, and the Lender, and their respective successors and assigns, except that no Guarantor shall have the right to
assign its rights or obligations hereunder or any interest herein (and any such attempted assignment shall be void). If all of
the capital stock of a Guarantor is sold, transferred or otherwise disposed of pursuant to a transaction permitted by the Credit
Agreement, such Guarantor shall be released from its obligations under this Agreement without further action. This Agreement shall
be construed as a separate agreement with respect to each Guarantor and may be amended, modified, supplemented, waived or released
with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other Guarantor
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 11.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Waivers; Amendment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">No failure or delay
of the Lender in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other
or further exercise thereof or the exercise of any other right or power. The rights of the Lender hereunder and under the other
Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or consent to any departure by any Guarantor therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) below, and then such waiver and consent shall be effective only in the specific instance and
for the purpose for which given. No notice or demand on any Guarantor in any case shall entitle such Guarantor to any other or
further notice in similar or other circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Guarantors
with respect to which such waiver, amendment or modification relates and the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 12.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Governing Law</U>.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 13.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Notices</U>. All
communications and notices hereunder shall be in writing and given as provided in Section 10.1 of the Credit Agreement. All communications
and notices hereunder to each Guarantor shall be given to it at its address set forth on Schedule I attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 14.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Survival of
Agreement; Severability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">All covenants, agreements
representations and warranties made by the Guarantors herein and in the certificates or other instruments prepared or delivered
in connection with or pursuant to this Agreement or the other Loan Documents shall be considered to have been relied upon by the
Lender and shall survive the making by the Lender of the Loans regardless of any investigation made by any of them or on their
behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any other
fee or amount payable under this Agreement or any other Loan Document is outstanding and unpaid and as long as the Revolving Commitment
has not been terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In the event one
or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in
any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction
shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 15.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Counterparts</U>.
This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together
shall constitute a single contract (subject to Section 10), and shall become effective as provided in Section 10. Delivery of a
PDF of an executed signature page to this Agreement by electronic transmission shall be as effective as delivery of a manually
executed counterpart of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 16.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Rules of Interpretation</U>.
The rules of interpretation specified in Section 1.4 of the Credit Agreement shall be applicable to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 17.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Jurisdiction; Consent
to Service of Process</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each Guarantor hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Circuit Court of
Duval County, Florida, or any Florida State court or Federal court of the United States of America sitting in Duval County, Florida,
and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other
Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such Duval County, Florida State
court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that the Lender may otherwise have to bring any action
or proceeding relating to this Agreement or the other Loan Documents against any Guarantor or its properties in the courts of any
jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each Guarantor hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now
or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the
other Loan Documents in the Circuit Court of Duval County, Florida or any other appropriate Florida State or Federal court. Each
of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 18.&#9;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Arbitration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Arbitration. The
parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between
or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or
otherwise in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation,
execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement,
default or termination; or (ii) requests for additional credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Governing Rules.
Any arbitration proceeding will (i) proceed in a location in Florida selected by the American Arbitration Association (&ldquo;<B><I>AAA</I></B>&rdquo;);
(ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of
law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the
parties shall mutually agree upon, in accordance with the AAA&rsquo;s commercial dispute resolution procedures, unless the claim
or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration
shall be conducted in accordance with the AAA&rsquo;s optional procedures for large, complex commercial disputes (the commercial
dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable,
as the &ldquo;Rules&rdquo;). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set
forth herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall
bear all costs and expenses incurred by such other party in compelling arbitration of any dispute. Nothing contained herein shall
be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. &sect;91 or any similar
applicable state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">No Waiver of Provisional
Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i) foreclose against
real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as
setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the
appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute
a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising
from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Arbitrator Qualifications
and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single
arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which
the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however,
that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney
licensed in the State of Florida or a neutral retired judge of the state or federal judiciary of Florida, in either case with a
minimum of ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator
will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim.
In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator&rsquo;s discretion)
any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication.
The arbitrator shall resolve all disputes in accordance with the substantive law of Florida and may grant any remedy or relief
that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective
any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such
other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure,
the Florida Rules of Civil Procedure or other applicable law. Judgment upon the award rendered by the arbitrator may be entered
in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional
or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy
or claim to arbitration if any other party contests such action for judicial relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Discovery. In any
arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters
directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests
for an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator
upon a showing that the request for discovery is essential for the party&rsquo;s presentation and that no alternative means for
obtaining information is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Class Proceedings
and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration,
except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member
of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Payment Of Arbitration
Costs And Fees. The arbitrator shall award all costs and expenses of the arbitration proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(h)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Miscellaneous. To
the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration
proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding
may disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary
course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties
potentially applies to a dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of
the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents
or any relationship between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 19.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Additional Guarantors</U>.
Pursuant to Section 5.10 of the Credit Agreement, certain Subsidiaries that were not in existence on the date of the Credit Agreement
are required to enter into this Agreement as a Guarantor. Upon execution and delivery after the date hereof by the Lender and such
Subsidiary of an instrument in the form of Annex I, such Subsidiary shall become a Guarantor hereunder with the same force and
effect as if originally named as a Guarantor herein. The execution and delivery of any instrument adding an additional Guarantor
as a party to this Agreement shall not require the consent of any other Guarantor hereunder. The rights and obligations of each
Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 20.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Right of Setoff</U>.
If an Event of Default shall have occurred and be continuing, Lender is hereby authorized at any time and from time to time, to
the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final) at any time held and other Indebtedness at any time owing by such Lender to or for the credit or the account of any Guarantor
against any or all the obligations of such Guarantor now or hereafter existing under this Agreement and the other Loan Documents
held by such Lender, irrespective of whether or not such Person shall have made any demand under this Agreement or any other Loan
Document and although such obligations may be unmatured. The rights of each Lender under this Section 20 are in addition to other
rights and remedies (including other rights of setoff) which such Lender may have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>EACH OF THE SUBSIDIARIES</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>LISTED ON SCHEDULE I HERETO </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>WELLS FARGO BANK, N.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE I TO THE<BR>
SUBSIDIARY GUARANTEE AGREEMENT</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Guarantor(s)</U></FONT></TD>
    <TD STYLE="width: 33%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 39%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Address</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida Rock Properties, Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">200 W. Forsyth Street, 7th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jacksonville, FL&nbsp;&nbsp;32202</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRP Development Corp.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">200 W. Forsyth Street, 7th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jacksonville, FL&nbsp;&nbsp;32202</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRP Maryland, Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">200 W. Forsyth Street, 7th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jacksonville, FL&nbsp;&nbsp;32202</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 252.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ANNEX I TO THE<BR>
SUBSIDIARY GUARANTEE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SUPPLEMENT NO. [____]
dated as of [_________________], to the Subsidiary Guarantee Agreement (the &ldquo;<B><I>Guarantee Agreement</I></B>&rdquo;) dated
as of January 30, 2015 among each of the subsidiaries listed on Schedule I thereto (each such Subsidiary individually, a &ldquo;<B><I>Guarantor</I></B>&rdquo;
and collectively, the &ldquo;<B><I>Guarantors</I></B>&rdquo;) of <B>FRP HOLDINGS, INC.</B>, a Florida corporation (the &ldquo;<B><I>Borrower</I></B>&rdquo;),
and <B>WELLS FARGO BANK, N.A.</B>, a national banking association (the &ldquo;<B><I>Lender</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Reference is made
to the 2015 Credit Agreement dated as of January 30, 2015 (as amended, supplemented or otherwise modified from time to time, the
&ldquo;<B><I>Credit Agreement</I></B>&rdquo;), between the Borrower and the Lender. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Guarantors have
entered into the Guarantee Agreement in order to induce the Lenders to make Loans. Pursuant to Section 5.10 of the Credit Agreement,
certain Subsidiaries that were not in existence on the date of the Credit Agreement are required to enter into the Guarantee Agreement
as a Guarantor. Section 19 of the Guarantee Agreement provides that additional Subsidiaries of the Borrower may become Guarantors
under the Guarantee Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary
of the Borrower (the &ldquo;<B><I>New Guarantor</I></B>&rdquo;) is executing this Supplement in accordance with the requirements
of the Credit Agreement to become a Guarantor under the Guarantee Agreement in order to induce the Lenders to make additional Loans
and as consideration for Loans previously made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Accordingly, the
Lender and the New Guarantor agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In accordance with
Section 19 of the Guarantee Agreement, the New Guarantor by its signature below becomes a Guarantor under the Guarantee Agreement
with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby (a) agrees to all the
terms and provisions of the Guarantee Agreement applicable to it as Guarantor thereunder and (b) represents and warrants that the
representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof. Each reference
to a Guarantor in the Guarantee Agreement shall be deemed to include the New Guarantor. The Guarantee Agreement is hereby incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The New Guarantor
represents and warrants to the Lender that this Supplement has been duly authorized, executed and delivered by it and constitutes
its legal, valid and binding obligation, enforceable against it in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
3.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">This Supplement may
be executed in counterparts each of which shall constitute an original, but all of which when taken together shall constitute a
single contract. This Supplement shall become effective when the Lender shall have received counterparts of this Supplement that,
when taken together, bear the signatures of the New Guarantor and the Lender. Delivery of a PDF version of an executed signature
page to this Supplement by electronic transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
4.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Except as expressly
supplemented hereby, the Guarantee Agreement shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
5.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">THIS SUPPLEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
6.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In case any one or
more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein and in the Guarantee Agreement shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a particular provision hereof in a particular jurisdiction
shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
7.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">All communications
and notices hereunder shall be in writing and given as provided in Section 13 of the Guarantee Agreement. All communications and
notices hereunder to the New Guarantor shall be given to it at the address set forth under its signature below, with a copy to
the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section
8.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The New Guarantor
agrees to reimburse the Lender for its out-of-pocket expenses in connection with this Supplement, including the fees, disbursements
and other charges of counsel for the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the New Guarantor and the Lender have duly executed this Supplement to the Guarantee Agreement as of the day and year first above
written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[Name of New Guarantor]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>WELLS FARGO BANK, N.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[FORM OF]<BR>
INDEMNITY, SUBROGATION AND CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>INDEMNITY, SUBROGATION
AND CONTRIBUTION AGREEMENT</B> dated as of January 30, 2015, among <B>FRP HOLDINGS, INC.</B>, a Florida corporation (the &ldquo;<B><I>Borrower</I></B>&rdquo;),
each Subsidiary listed on Schedule I hereto (the &ldquo;<B><I>Guarantors</I></B>&rdquo;), and <B>WELLS FARGO BANK, N.A.</B>, a
national banking association (the &ldquo;<B><I>Lender</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to (a) the 2015 Credit Agreement dated as of January 30, 2015 (as amended, supplemented or otherwise modified from time to time,
the &ldquo;<B><I>Credit Agreement</I></B>&rdquo;), among the Borrower and the Lender and (b) the Subsidiary Guarantee Agreement
dated as of January 30, 2015, among the Guarantors and the Lender (as amended, supplemented or otherwise modified from time to
time, the &ldquo;<B><I>Guarantee Agreement</I></B>&rdquo;). Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Lender has agreed
to make Loans to the Borrower, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement.
The Guarantors have guaranteed such Loans and the other Obligations (as defined in the Guarantee Agreement) of the Borrower under
the Credit Agreement pursuant to the Guarantee Agreement. The obligation of the Lenders to make Loans is conditioned on, among
other things, the execution and delivery by the Borrower and the Guarantors of an agreement in the form hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Accordingly, the
Borrower, each Guarantor and the Lender agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Indemnity and Subrogation</U>.
In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to Section
3), the Borrower agrees that (a) in the event a payment shall be made by any Guarantor under the Guarantee Agreement, the Borrower
shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the
person to whom such payment shall have been made to the extent of such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Contribution and
Subrogation</U>. Each Guarantor (a &ldquo;<B><I>Contributing Guarantor</I></B>&rdquo;) agrees (subject to Section 3) that, in the
event a payment shall be made by any other Guarantor under the Guarantee Agreement and such other Guarantor (the &ldquo;<B><I>Claiming
Guarantor</I></B>&rdquo;) shall not have been fully indemnified by the Borrower as provided in Section 1, the Contributing Guarantor
shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment in each case multiplied by a fraction of
which the numerator shall be the net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate
net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section
12, the date of the Supplement hereto executed and delivered by such Guarantor). Any Contributing Guarantor making any payment
to a Claiming Guarantor pursuant to this Section 2 shall be subrogated to the rights of such Claiming Guarantor under Section 1
to the extent of such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 3.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Subordination</U>.
Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Sections 1 and 2 and all other
rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible
payment in full in cash of the Obligations. No failure on the part of the Borrower or any Guarantor to make the payments required
under applicable law or otherwise shall in any respect limit the obligations and liabilities of any Guarantor with respect to its
obligations hereunder, and each Guarantor shall remain liable for the full amount of the obligations of such Guarantor hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 4.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Termination</U>.
This Agreement shall survive and be in full force and effect so long as any Obligation is outstanding and has not been indefeasibly
paid in full in cash, and so long as any of the Revolving Commitment under the Credit Agreement has not been terminated, and shall
continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is
rescinded or must otherwise be restored by any Lender or any Guarantor upon the bankruptcy or reorganization of the Borrower, any
Guarantor or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 5.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Governing Law</U>.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 6.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>No Waiver; Amendment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(a)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">No
failure on the part of the Lender or any Guarantor to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by the Lender or
any Guarantor preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies
hereunder are cumulative and are not exclusive of any other remedies provided by law. None of the Lender and the Guarantors shall
be deemed to have waived any rights hereunder unless such waiver shall be in writing and signed by such parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(b)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into
between the Borrower, the Guarantors and the Lender</FONT><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 7.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Notices</U>. All
communications and notices hereunder shall be in writing and given as provided in the Guarantee Agreement and addressed as specified
therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 8.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Binding Agreement;
Assignments</U>. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include
the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the parties that are contained
in this Agreement shall bind and inure to the benefit of their respective successors and assigns. Neither the Borrower nor any
Guarantor may assign or transfer any of its rights or obligations hereunder (and any such attempted assignment or transfer shall
be void) without the prior written consent of the Lender. Notwithstanding the foregoing, at the time any Guarantor is released
from its obligations under the Guarantee Agreement in accordance with such Guarantee Agreement and the Credit Agreement, such Guarantor
will cease to have any rights or obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 9.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Survival of Agreement;
Severability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(a)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">All
covenants and agreements made by the Borrower and each Guarantor herein and in the certificates or other instruments prepared or
delivered in connection with this Agreement or the other Loan Documents shall be considered to have been relied upon by the Lender
and each Guarantor and shall survive the making by the Lender of the Loans, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loans or any other fee or amount payable under the Credit Agreement or this
Agreement or under any of the other Loan Documents is outstanding and unpaid and as long as the Revolving Commitment has not been
terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(b)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">In
case one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect,
no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or
unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein shall not in any way
be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 10.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Counterparts</U>.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts) each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall be effective
with respect to any Guarantor when a counterpart bearing the signature of such Guarantor shall have been delivered to the Lender.
Delivery of a PDF copy of an executed signature page to this Agreement by electronic transmission shall be as effective as delivery
of a manually signed counterpart of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 11.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Rules of Interpretation</U>.
The rules of interpretation specified in Section 1.4 of the Credit Agreement shall be applicable to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 12.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><U>Additional Guarantors</U>.
Pursuant to Section 5.10 of the Credit Agreement, certain Subsidiaries of the Borrower that were not in existence on the date of
the Credit Agreement are required to enter into the Guarantee Agreement as Guarantor. Upon the execution and delivery, after the
date hereof, by the Lender and such Subsidiary of an instrument in the form of Annex I hereto, such Subsidiary shall become a Guarantor
hereunder with the same force and effect as if originally named as a Guarantor hereunder. The execution and delivery of any instrument
adding an additional Guarantor as a party to this Agreement shall not require the consent of any Guarantor hereunder. The rights
and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor
as a party to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first appearing above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FRP HOLDINGS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>EACH OF THE SUBSIDIARIES</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>LISTED ON SCHEDULE I HERETO</B>,</FONT><BR>
<FONT STYLE="font-size: 10pt">as a Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>WELLS FARGO BANK, N.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TO THE INDEMNITY, SUBROGATION<BR>
AND CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><U>Guarantors</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Name</U></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Address</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida Rock Properties, Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">200 W. Forsyth Street, 7th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jacksonville, FL&nbsp;&nbsp;32202</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRP Development Corp.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">200 W. Forsyth Street, 7th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jacksonville, FL&nbsp;&nbsp;32202</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FRP Maryland, Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">200 W. Forsyth Street, 7th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jacksonville, FL&nbsp;&nbsp;32202</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 252.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ANNEX I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TO INDEMNITY, SUBROGATION AND<BR>
CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SUPPLEMENT NO. [____]
dated as of [__________________], to the Indemnity, Subrogation and Contribution Agreement dated as of January 30, 2015 (as the
same may be amended, supplemented or otherwise modified from time to time, the &ldquo;<B><I>Indemnity, Subrogation and Contribution
Agreement</I></B>&rdquo;) among <B>FRP HOLDINGS, INC.</B>, a Florida corporation (the &ldquo;<B><I>Borrower</I></B>&rdquo;), each
Subsidiary listed on Schedule I thereto (the &ldquo;<B><I>Guarantors</I></B>&rdquo;) and <B>WELLS FARGO BANK, N.A</B>. (the &ldquo;<B><I>Lender</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Reference is made
to (a) the 2015 Credit Agreement dated as of January 30, 2015 (as amended, supplemented or otherwise modified from time to time,
the &ldquo;<B><I>Credit Agreement</I></B>&rdquo;), between the Borrower and the Lender, and (b) the Subsidiary Guarantee Agreement
dated as of January 30, 2015, among the Guarantors and the Lender (as amended, supplemented or otherwise modified from time to
time, the &ldquo;<B><I>Guarantee Agreement</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indemnity, Subrogation and Contribution
Agreement and the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">3.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Borrower and the
Guarantors have entered into the Indemnity, Subrogation and Contribution Agreement in order to induce the Lender to make Loans.
Pursuant to Section 5.10 of the Credit Agreement, certain Subsidiaries that were not in existence on the date of the Credit Agreement
are required to enter into the Guarantee Agreement as a Guarantor. Section 12 of the Indemnity, Subrogation and Contribution Agreement
provides that additional Subsidiaries may become Guarantors under the Indemnity, Subrogation and Contribution Agreement by execution
and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the &ldquo;<B><I>New Guarantor</I></B>&rdquo;)
is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Indemnity,
Subrogation and Contribution Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously
made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Accordingly, the
Lender and the New Guarantor agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In accordance with
Section 12 of the Indemnity, Subrogation and Contribution Agreement, the New Guarantor by its signature below becomes a Guarantor
under the Indemnity, Subrogation and Contribution Agreement with the same force and effect as if originally named therein as a
Guarantor and the New Guarantor hereby agrees to all the terms and provisions of the Indemnity, Subrogation and Contribution Agreement
applicable to it as Guarantor thereunder. Each reference to a Guarantor in the Indemnity, Subrogation and Contribution Agreement
shall be deemed to include the New Guarantor. The Indemnity, Subrogation and Contribution Agreement is hereby incorporated herein
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The New Guarantor
represents and warrants to the Lender that this Supplement has been duly authorized, executed and delivered by it and constitutes
its legal, valid and binding obligation, enforceable against it in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 3.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">This Supplement may
be executed in counterparts (and by different parties hereto on different counterparts) each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Lender
shall have received counterparts of this Supplement that, when taken together, bear the signature of the New Guarantor and the
Lender. Delivery of a PDF copy of an executed signature page to this Supplement by electronic transmission shall be as effective
as delivery of a manually signed counterpart of this Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 4.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Except as expressly
supplemented hereby, the Indemnity, Subrogation and Contribution Agreement shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 5.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">THIS SUPPLEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 6.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In case any one or
more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, neither party
hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable,
but the validity, legality and enforceability of the remaining provisions contained herein and in the Indemnity, Subrogation and
Contribution Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 7.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">All communications
and notices hereunder shall be in writing and given as provided in Section 7 of the Indemnity, Subrogation and Contribution Agreement.
All communications and notices hereunder to the New Guarantor shall be given to it at the address set forth under its signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">Section 8.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The New Guarantor
agrees to reimburse the Lender for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable
fees, other charges and disbursements of counsel for the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the New Guarantor and the Lender have duly executed this Supplement to the Indemnity, Subrogation and Contribution Agreement as
of the day and year first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[Name of New Guarantor]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>WELLS FARGO BANK, N.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TO SUPPLEMENT NO. ____ TO THE INDEMNITY,<BR>
SUBROGATION AND CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Guarantors</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Name</U></FONT></TD>
    <TD STYLE="width: 50%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Address</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT 2.3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NOTICE OF REVOLVING BORROWING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[Date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wells Fargo Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One Independent Drive, 25<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to the 2015 Credit Agreement dated as of January 30, 2015 (as amended and in effect on the date hereof, the &ldquo;<B><I>Credit
Agreement</I></B>&rdquo;), between the undersigned, as Borrower, and Wells Fargo Bank, N.A., as Lender. Terms defined in the Credit
Agreement are used herein with the same meanings. This notice constitutes a Notice of Revolving Borrowing, and the Borrower hereby
requests a Revolving Loan Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information
with respect to the Borrowing requested hereby:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(A)</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Aggregate principal amount of Revolving Loan Borrowing<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(B)</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date of Revolving Loan Borrowing (which is a New York Business Day):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(C)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Interest Rate basis<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>:</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(D)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Interest Period<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(E)</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Location and number of Borrower&rsquo;s account to which proceeds of Revolving</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Borrowing are to be disbursed:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 88px">&nbsp;</TD>
    <TD STYLE="width: 154px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P>____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2</SUP></FONT><FONT STYLE="font-size: 10pt">Not
less than $100,000.00 and an integral multiple of $50,000.00.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>3</SUP></FONT><FONT STYLE="font-size: 10pt">Eurodollar
Borrowing or Daily One Month LIBOR Borrowing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>4</SUP></FONT><FONT STYLE="font-size: 10pt">Which
must comply with the definition of &ldquo;Interest Period&rdquo; and end not later than the Commitment Termination Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Borrower hereby represents and warrants
that the conditions specified in paragraphs (a), (b) and (c) of <U>Section 3.2</U> of the Credit Agreement are satisfied.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FRP HOLDINGS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT 2.7</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NOTICE OF CONTINUATION/CONVERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[Date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wells Fargo Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One Independent Drive, 25<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to the 2015 Credit Agreement dated as of January 30, 2015 (as amended and in effect on the date hereof, the &ldquo;<B><I>Credit
Agreement</I></B>&rdquo;), between the undersigned, as Borrower, and Wells Fargo Bank, N.A., as Lender. Terms defined in the Credit
Agreement are used herein with the same meanings. This notice constitutes a Notice of Revolving Borrowing, and the Borrower hereby
requests a Revolving Loan Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information
with respect to the Revolving Loan Borrowing requested hereby:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(A)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Revolving Loan Borrowing to which this request applies:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(B)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Principal amount of Revolving Loan Borrowing to be</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: left"><FONT STYLE="font-size: 10pt">converted/continued:</FONT></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(C)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Effective date of election (which is a New York Business Day):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(D)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Interest rate basis:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(E)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Interest Period:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FRP HOLDINGS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT 3.1(b)(iv)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FORM OF SECRETARY&rsquo;S CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to the 2015 Credit Agreement dated as of January 30, 2015 (as amended and in effect on the date hereof, the &ldquo;<B><I>Credit
Agreement</I></B>&rdquo;), between the undersigned, as Borrower, and Wells Fargo Bank, N.A., as Lender. Terms defined in the Credit
Agreement are used herein with the same meanings. This Certificate is being delivered pursuant to Section 3.1(b)(iv) of the Credit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">I, [______________________],
Secretary of the Borrower, DO HEREBY CERTIFY that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(a)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">annexed
hereto as Exhibit A is a true and correct copy of the articles of incorporation of the Borrower, which have not been amended, modified,
supplemented or restated except as set forth in Exhibit A and remain in full force and effect as of the date hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(b)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">no
proceeding have been instituted or are pending or contemplated with respect to the dissolution, liquidation or sale of all or substantially
all the assets of the Borrower or threatening its existence or the forfeiture or any of its corporate rights;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(c)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">annexed
hereto as Exhibit B is a true and correct copy of the Bylaws of the Borrower as in effect on the date of the attached Resolutions
and at all times thereafter through the date hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(d)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">annexed
hereto as Exhibit C is a true and correct copy of certain resolutions duly adopted by the Board of Directors of the Borrower at
a meeting of said Board of Directors duly called and held on ___________________, 2015, which resolutions are the only resolutions
adopted by the Board of Directors of the Borrower or any committee thereof relating to the Credit Agreement and the other Loan
Documents to which the Borrower is a party and the transactions contemplated therein and have not been revoked, amended, supplemented
or modified and are in full force and effect on the date hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(e)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">each
of the persons named below is a duly elected and qualified officer of the Borrower holding the respective office set forth opposite
his or her name and the signature set forth opposite each such person&rsquo;s name is his or her genuine signature:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 0.5pt; padding-bottom: 12pt; padding-left: 0.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Name</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0.5pt; padding-bottom: 12pt; padding-left: 0.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Title</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0.5pt; padding-bottom: 12pt; padding-left: 0.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Specimen Signature</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">[Include all officers who are</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">signing the Credit Agreement</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">or any other Loan Documents.]</P></TD>
    <TD STYLE="padding-right: 0.5pt; padding-bottom: 12pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-bottom: 12pt; padding-left: 0.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
I have hereunto signed my name this ___ day of ____________, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right">_________________________________, Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">I, [_______________________],
[____________________________] of the Borrower, do hereby certify that [______________________] has been duly elected, is duly
qualified and is currently serving as the [Assistant] Secretary of the Borrower, that the signature set forth above is [his/her]
genuine signature and that [he/she] has held such office at all times since [_________________].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
I have hereunto signed my name this ___ day of ___________, 2015.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT 3.1(b)(vii)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FORM OF OFFICER&rsquo;S CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to the 2015 Credit Agreement dated as of January 30, 2015 (as amended and in effect on the date hereof, the &ldquo;<B><I>Credit
Agreement</I></B>&rdquo;), between the undersigned, as Borrower, and Wells Fargo Bank, N.A., as Lender. Terms defined in the Credit
Agreement are used herein with the same meanings. This Certificate is being delivered pursuant to Section 3.1(b)(vii) of the Credit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">I, [________________________],
[_________________] of the Borrower, DO HEREBY CERTIFY that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(a)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">the
representations and warranties of the Borrower set forth in the Credit Agreement are true and correct on and as of the date hereof;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(b)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">no
Default or Event of Default has occurred and is continuing at the date hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(c)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">since
[the date], which is the date of the most recent financial statements described in section 5.1(a) of the Credit Agreement, there
has been no change which has had or could reasonably be expected to have a material adverse effect; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; text-transform: none">(d)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal; text-transform: none">no
consents, approvals, authorizations, registrations or filings are required to be made or obtained by or on behalf of the Borrower
or any of the Guarantors in connection with the Loans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
I have hereunto signed my name this ___ day of January, 2015.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Exhibit (b)(vii) - <!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT 3.1(c)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Issued and Outstanding Letters of
Credit</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 500px; width: 839px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Exhibit (c) - <!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT 7.1(j)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Unencumbered Commercial Properties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><I>The following assets identified as the
&ldquo;Mining Royalty Land&rdquo; in Borrower&rsquo;s public filings</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">Alachua, Florida<BR>
Clayton, Georgia<BR>
Fayette, Georgia<BR>
Lake, Florida (two properties)<BR>
Lee, Florida<BR>
Monroe, Georgia<BR>
Muscogee, Georgia<BR>
Prince William, Virginia<BR>
Putnam, Florida (two properties)<BR>
Spalding, Georgia<BR>
Marion, Florida<BR>
Investment Property<BR>
Brooksville Joint Venture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">Exhibit (j) - <!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Annex I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B><U>Captive Investment Policy Statement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The primary criteria for investments
shall be safety of principal and liquidity. Return on investment shall not take precedence over safety of principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">1. Investments may be either in fixed
or floating rate instruments denominated in U. S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">2. Investments can include U.S. Treasury
Securities, U.S Government Agency securities, U.S. Agency mortgage-backed securities and collateralized mortgage obligations and
U.S. Corporate Bonds. Investments in certificates of deposit and time deposits in U.S. banks may also be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">3. Investments will be made in various
issuers to ensure proper diversification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">4. The fixed income portfolio shall
be laddered to meet the cash flow needs of the program. Generally ten to twenty percent of the portfolio will be invested in securities
having maturities of two years or less from the date of purchase. For this purpose, floating rate certificates of deposit and notes,
irrespective of final maturity, are deemed to be mature on the next coupon-reset date. The portfolio will generally invest in securities
that mature in ten years or less from the date of purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">5. In order for the securities of an
issuer to qualify for investment of assets, they must have either a Moody&rsquo;s, S&amp;P or Fitch rating of &ldquo;A-&rdquo;
or better or such issues must be unconditionally guaranteed by a company or entity with a Moody&rsquo;s, S&amp;P or Fitch rating
of &ldquo;A-&rdquo; or better or, in the event of an issue not being subject to such a guarantee or rating, the equivalent as determined
by the investment manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">National Interstate Insurance retains
the final right of approval for all investment transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>7
<FILENAME>ex31a.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0 0 0 0pt">CERTIFICATIONS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 31(a)</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">I, Thompson S. Baker II, certify
that:</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">I have reviewed this
report on Form 10-Q of FRP Holdings, Inc.;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">The registrant&rsquo;s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">designed such disclosure
controls and procedures, or caused such disclosure controls to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">evaluated the effectiveness
of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosures controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">disclosed in this
report any changes in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal
control over financial report; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">The registrant&rsquo;s
other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s board of directors (or persons performing the
equivalent functions):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">all significant deficiencies
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s
ability to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">Date: May 8, 2015
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/Thompson
S. Baker II </U></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify; text-indent: 9.8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
Executive&nbsp;Officer</P>


</BODY>
</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>8
<FILENAME>ex31b.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">CERTIFICATIONS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 31(b)</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">I, John D. Milton, Jr., certify that:</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">I have reviewed this
report on Form 10-Q of FRP Holdings, Inc.;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">The registrant&rsquo;s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">designed such disclosure
controls and procedures, or caused such disclosure controls to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">evaluated the effectiveness
of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosures controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">disclosed in this
report any changes in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal
control over financial report; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">The registrant&rsquo;s
other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s board of directors (or persons performing the
equivalent functions):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">all significant deficiencies
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s
ability to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">Date: May 8, 2015&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/John D. Milton, Jr. </U></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify; text-indent: 9.8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice
President, Treasurer,</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify; text-indent: 9.8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary and
Chief Financial Officer</P>


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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>9
<FILENAME>ex31c.htm
<DESCRIPTION>CAO CERTIFICATION
<TEXT>
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<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">CERTIFICATIONS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 31(c)</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">I, John D. Klopfenstein, certify
that:</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">I have reviewed this
report on Form 10-Q of FRP Holdings, Inc.;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">The registrant&rsquo;s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">designed such disclosure
controls and procedures, or caused such disclosure controls to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">evaluated the effectiveness
of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosures controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">disclosed in this
report any changes in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal
control over financial report; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">The registrant&rsquo;s
other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s board of directors (or persons performing the
equivalent functions):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">all significant deficiencies
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s
ability to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font: 11pt Courier New, Courier, Monospace">any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify">Date: May 8, 2015 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/John
D. Klopfenstein </U></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify; text-indent: 9.8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controller and
Chief Accounting</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 9pt 0 0; text-align: justify; text-indent: 9.8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer</P>


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<TYPE>EX-32
<SEQUENCE>10
<FILENAME>ex32.htm
<DESCRIPTION>CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 31.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
32</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 31.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 31.5pt 0 0; text-align: justify; text-indent: 0.5in">CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 31.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 40.5pt 0 0; text-align: justify">Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, each of the undersigned certifies that this periodic report fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents,
in all material respects, the financial condition and results of operations of FRP Holdings, Inc.</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 40.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0">May 8, 2015&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP HOLDINGS, INC.</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>THOMPSON
S. BAKER II&#9; </U></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson S. Baker II</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
Executive&nbsp;Officer</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>JOHN D.
MILTON, JR.</U>_<U> </U></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John D. Milton,
Jr.</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Vice President,</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer,
Secretary and</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial
Officer</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>JOHN D.
KLOPFENSTEIN </U></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John D. Klopfenstein</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controller
and Chief</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
Officer</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify">A signed original of this written
statement required by Section 906 has been provided to FRP Holdings, Inc. and will be retained by FRP Holdings, Inc. and furnished
to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0 22.5pt 0 0; text-align: justify">The foregoing certification accompanies
the issuer&rsquo;s Quarterly report on Form 10-Q and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and IC-25967,
dated June 30, 2003.</P>







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<TYPE>EX-101.INS
<SEQUENCE>11
<FILENAME>frph-20150331.xml
<DESCRIPTION>XBRL INSTANCE FILE
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    <us-gaap:ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;46&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;93&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13; 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layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;698&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; 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layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;582&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;791&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;754&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="width: 13%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;25.43&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 14%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;5.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;3,481&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Spin-off conversion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;17,795&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;20.63&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;39,425&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;26.97&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;432&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Forfeited&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(6,000&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(51,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;13.27&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(297&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;March 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;326,750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;21.35&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;6.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2,871&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Exercisable at&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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    <us-gaap:BasisOfAccounting contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;(1)&lt;/b&gt; &lt;b&gt;Basis of Presentation&lt;/b&gt;.&#13;The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the &amp;#147;Company&amp;#148; or &amp;#147;FRP&amp;#148;)&#13;inclusive of our operating real estate subsidiaries, FRP Development Corp. (&amp;#147;Development&amp;#148;) and Florida Rock Properties,&#13;Inc. (&amp;#148;Properties&amp;#148;) subsequent to the completed spin-off (the &amp;#147;Spin-off&amp;#148;) of our transportation assets&#13;into a new, publicly traded entity, Patriot Transportation Holding, Inc. (&amp;#147;Patriot&amp;#148;; stock symbol &amp;#147;PATI&amp;#148;)&#13;effective January 30, 2015. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued&#13;operation that cannot receive any corporate overhead allocation. Hence, all corporate overhead of the transportation group through&#13;the date of the spin-off is included in &amp;#147;corporate expense&amp;#148; on the Company&amp;#146;s consolidated income statements herein.&#13;See Note 3 for a breakdown of corporate expenses showing the amounts per the Company&amp;#146;s segments, the unallocated to any segment&#13;and the unallocated to discontinued operations. Reclassifications to the appropriate prior period line items and amounts have been&#13;made to be comparable to the current presentation. Our investment in the 50% owned Brooksville&#13;Joint Venture and in the Riverfront Investment Partners I, LLC are accounted for under the equity method of accounting (See Note&#13;13). These statements have been prepared in accordance with accounting principles generally accepted in the United States of America&#13;for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required&#13;by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of&#13;management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the&#13;results for the interim periods have been included. Operating results for the six months ended March 31, 2015 are not necessarily&#13;indicative of the results that may be expected for the fiscal year ending September 30, 2015. The accompanying consolidated financial&#13;statements and the information included under the heading &amp;#34;Management's Discussion and Analysis of Financial Condition and&#13;Results of Operations&amp;#34; should be read in conjunction with the Company's consolidated financial statements and related notes&#13;included in the Company&amp;#146;s Form 10-K for the year ended September 30, 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;font style="font-family: Courier New, Courier, Monospace"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;font style="font-family: Courier New, Courier, Monospace"&gt;Following&#13;the completion of the spin-off of the transportation business on January 30, 2015, management conducted a strategic review of the&#13;Company&amp;#146;s real estate operations.&amp;#160; As a result of this review, information that the Company&amp;#146;s chief operating&#13;decision maker (its chief executive officer) regularly reviews for purposes of allocating resources and assessing performance changed.&#13;Therefore, beginning in fiscal year 2015, the Company will report its financial performance based on the three reportable segments&#13;described below.&amp;#160; Beginning with the quarter ending March 31, 2015, our financial statements will reflect the new reporting&#13;structure with prior periods adjusted accordingly&lt;/font&gt;.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;Our Mining and Royalties segment&#13;stays the same, but based on our strategic review the &lt;font style="color: #000000"&gt;Developed Property Rentals seg&lt;/font&gt;ment has&#13;been broken down into an Asset Management segment and a Land Development and Construction segment to reflect how management now&#13;evaluates the real estate activities previously presented in the &lt;font style="color: Black"&gt;Developed Property Rentals segment.&#13;The Asset Management segment contains all the developed&lt;/font&gt; buildings capable of producing current rental income; the Land&#13;Development and Construction segments contains the remaining developable land not yet developed to its eventual highest and best&#13;use potential where the Company's focus is to add further entitlements, construct vertical improvements or market the property&#13;to third parties all in an effort to bring such property to income producing status or realization of its fair market value through&#13;sales or exchange. This Land Development and Construction segment is generally in a pre-income production state where objectives&#13;are long term capital investment for eventual production of long-term rental streams or capital investment to achieve highest&#13;potential market value for sale to third parties.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:BasisOfAccounting>
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    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;(3)&lt;/b&gt; &lt;b&gt;Business Segments.&lt;/b&gt; The&#13;Company operates in three reportable business segments (i) Asset Management and (ii) Mining Royalty Land and (iii) Land Development&#13;and Construction. The Asset Management segment owns, leases, manages and operates commercial office/warehouse buildings primarily&#13;located in the Baltimore/Northern Virginia/Washington, DC area. The Mining Royalty Land segment owns real estate predominately&#13;in Florida and Georgia that is leased to mining companies in exchange for royalty or land rental income. The Land Development and&#13;Construction segment acquires, owns, entitles, and develops land to be used for income production via (i) construction by the Company&#13;of warehouse/office uses for our Asset Management segment, or (ii) other commercial, residential or mixed use projects through&#13;joint ventures or sales to third parties.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Subsequent to the Spin-off, the Company is&#13;receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services)&#13;which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective&#13;as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included&#13;in the Company&amp;#146;s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily&#13;stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as &amp;#147;unallocated&amp;#148; on the&#13;Company&amp;#146;s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former&#13;transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation.&#13;Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in &amp;#147;corporate expense&amp;#148;&#13;on the Company&amp;#146;s consolidated income statements herein. Reclassifications to the appropriate prior period line items and&#13;amounts have been made to be comparable to the current presentation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Operating results and certain other financial&#13;data for the Company&amp;#146;s business segments are as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Revenues:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;Asset management&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;7,330&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;6,580&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;14,087&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;12,340&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;Mining royalty land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,226&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;2,679&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;2,494&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; vertical-align: middle"&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in"&gt;Land development and&lt;/p&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in"&gt;construction&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;283&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;484&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;402&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;8,948&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;8,007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;17,250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;15,236&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;Operating profit:&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;Asset management&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;3,187&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2,840&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;6,573&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;5,548&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;Mining royalty land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,068&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2,391&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2,196&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;Land development and construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;(739&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(378&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in"&gt;Allocated to land development&lt;/p&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in"&gt;and construction&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(140&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(105&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(251&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(418&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(984&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(553&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;Interest expense:&lt;/p&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0 0 0 13.5pt; text-indent: -13.5pt"&gt;&amp;#160;Asset management&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;620&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,065&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;599&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;Depreciation, depletion and&lt;/p&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;Amortization:&lt;/p&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0 0 0 13.5pt; text-indent: -13.5pt"&gt;&amp;#160;Asset management&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,776&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,619&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;Capital expenditures:&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Mining royalty land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in"&gt;Land development and construction&lt;/p&gt;&#13;        &lt;p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in"&gt;and Asset Management:&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Capitalized interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;248&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;477&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;569&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;993&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Internal labor&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;85&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;195&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Real estate taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;39&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;16&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;3,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;691&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;4,798&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;September 30,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 62%; padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Identifiable net assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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   &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;39,368&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Land development and construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;57,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;67,136&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;59,465&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Cash items&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;717&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,074&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Unallocated corporate assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,228&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,608&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;252,085&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;313,071&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
    <us-gaap:LongTermDebtTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;font style="font-family: Courier New, Courier, Monospace"&gt;&lt;b&gt;(5)&lt;/b&gt;&#13;&lt;b&gt;Long-Term debt&lt;/b&gt;&lt;/font&gt;&lt;b&gt;. &lt;/b&gt;&lt;font style="font-family: Courier New, Courier, Monospace"&gt;Long-term debt is summarized as&#13;follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;September 30,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 62%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Revolving credit (uncollateralized)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 4%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;11,304&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 4%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;10,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;5.6% to 7.9% mortgage notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;due in installments through 2027&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;42,184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;45,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;53,488&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;55,956&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;49,439&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;51,422&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;On January 30, 2015, in connection&#13;with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo Bank, N.A. in 2012 and&#13;simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount of $20 million and&#13;a $10 million sublimit available for standby letters of credit. At September 30, 2014, prior to the Spin-off, the total amount&#13;outstanding on the credit facility was $17,645,000 of which the Company was allocated $10,363,000 and Patriot was allocated $7,282,000.&amp;#160;&#13;On the day of the spin-off the Company refinanced $10,483,000 into the Company&amp;#146;s new credit facility and Patriot refinanced&#13;$5,142,000 into Patriot&amp;#146;s new credit facility. As of March 31, 2015, there was $11,304,000 outstanding on the Company&amp;#146;s&#13;new credit facility and $2,610,000 outstanding under letters of credit and $6,086,000 available for borrowing and the Company was&#13;in compliance with all its loan covenants.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;In January 2015 the Company prepaid&#13;the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest&#13;expense. The remaining deferred loan costs of $15,000 were also included in interest expense.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;The fair values of the Company&amp;#146;s&#13;mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.&#13;At March 31, 2015, the carrying amount and fair value of such long-term debt was $42,184,000 and $46,048,000, respectively.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:LongTermDebtTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;(6)&lt;/b&gt; &lt;b&gt;Earnings per share.&lt;/b&gt; The&#13;following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Weighted average common shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;outstanding during the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;- shares used for basic&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;earnings per common share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,749&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,619&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,730&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Common shares issuable under&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;share based payment plans&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;which are potentially dilutive&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;88&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;83&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;97&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Common shares used for diluted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;earnings per common share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,818&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,707&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,813&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,690&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;845&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,312&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,976&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,478&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;516&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;392&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,179&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,566&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,704&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;4,155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;4,044&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Basic earnings per common share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.09&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.04&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.43&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.42&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Diluted earnings per common share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.09&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.04&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.22&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.42&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.42&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;For the three and six months ended March&#13;31, 2015, 56,110 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share&#13;because their inclusion would have been anti-dilutive. For the three months and six months ended March 31, 2014, 26,334 and 31,790&#13;shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per common share because&#13;their inclusion would have been anti-dilutive.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;font style="font-family: Courier New, Courier, Monospace"&gt;&lt;b&gt;(7)&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&#13;&lt;font style="font-family: Courier New, Courier, Monospace"&gt;Stock-Based Compensation Plans&lt;/font&gt;. &lt;/b&gt; &lt;font style="font-family: Courier New, Courier, Monospace"&gt;As&#13;more fully described in Note 7 to the Company&amp;#146;s notes to the consolidated financial statements in the Company&amp;#146;s Annual&#13;Report on Form 10-K for the year ended September 30, 2014, the Company&amp;#146;s stock-based compensation plan permits the grant&#13;of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common&#13;shares available for future issuance was 419,170 at March 31, 2015. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify"&gt;As a result of the Spin-off&#13;and pursuant to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding&#13;FRP stock options. All outstanding options held by the Company directors, Company officers and key employees on January 30,&#13;2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the&#13;market value of FRP less the when issued market value of the Company on that day. For FRP officers additional options were&#13;issued rather than issuing Patriot options for the 24.86% market value attributed to Patriot. The adjusted stock options are&#13;subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the&#13;Spin-off, except as otherwise described above.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify"&gt;Subsequent to Spin-off, the realized&#13;tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off&#13;will be recognized by FRP or Patriot based on the employment location of the related employee or director.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"&gt;T&lt;font style="font-family: Courier New, Courier, Monospace"&gt;he&#13;Company recorded the following stock compensation expense (including unallocated to Patriot in periods prior to the Spin-off) in&#13;its consolidated statements of income (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Stock option grants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;46&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;93&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;218&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;262&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Annual director stock award&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;698&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;698&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;582&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;791&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;754&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;960&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;A summary of changes in outstanding options&#13;is presented below (in thousands, except share and per share amounts):&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; 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   &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;of&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Exercise&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Remaining&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Outstanding at&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 36%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;October 1, 2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;326,830&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;25.43&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 14%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;5.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;3,481&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Spin-off adjustment&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;432&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Forfeited&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;(6,000&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;March 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;326,750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;21.35&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;6.0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2,871&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Exercisable at&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;March 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;234,847&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;20.21&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;5.1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,884&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;six months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;March 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;37,546&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;329&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The aggregate intrinsic value of exercisable&#13;in-the-money options was $3,083,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,917,000 based&#13;on the market closing price of $36.40 on March 31, 2015 less exercise prices.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The realized tax benefit to the Company or&#13;Patriot from options exercised in the six months ended March 31, 2015 was $406,000. The unrecognized compensation cost of options&#13;granted but not yet vested as of March 31, 2015 was $823,000, which is expected to be recognized over a weighted-average period&#13;of 3.6 years. Gains of $1,048,000 were realized by option holders during the six months ended March 31, 2015.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock>
    <FRPH:ContingentLiabiliteisTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;(8)&lt;/b&gt; &lt;b&gt;Contingent liabilities&lt;/b&gt;.&#13;Certain of the Company&amp;#146;s subsidiaries are involved in litigation on matters and are subject to certain claims which arise&#13;in the normal course of business. The Company is fully insured and does not retain any self-insurance risk with respect to losses&#13;for third party liability and property damage.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;font style="font-family: Courier New, Courier, Monospace"&gt;Preliminary&#13;testing on the site of the Company's four phase master development known as Riverfront on the Anacostia in Washington,&#13;D.C. indicated the presence of contaminated soils that will have to be specially handled upon excavation in conjunction&#13;with construction of each phase. The Company previously agreed with our joint venture partner to bear the cost of handling&#13;the contaminated materials up to a cap of $1.871 million. In connection with that agreement, the Company recorded an expense&#13;in the fourth quarter of fiscal 2012 of $1.771 million for this environmental remediation liability. During the quarter,&#13;the total cost of remediation on Phase I reached $2.024 million which is still within the projected budget for these&#13;remediation expenses as determined by our development partner. As a result, the Company recorded an additional $100,000&#13;expense in this second quarter of 2015 in the Land Development and Construction segment and incurred a loss of $140,000 in&#13;equity in joint ventures as a result of our 77% pro rata share of these additional remediation costs incurred within the&#13;joint venture.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The Company has no obligation to remediate&#13;the contamination on Phases II, III and IV of the development until such time as it makes a commitment to commence construction&#13;there. The Company's position is that the prior tenant on the property is contractually responsible for the cost of removal of&#13;the contaminated materials and we are continuing to pursue this claim. The Company's actual expense to address this issue may be&#13;materially&lt;font style="font-size: 11pt"&gt; &lt;/font&gt;higher or lower than the expense previously recorded depending upon the actual&#13;costs incurred and any reimbursement that we receive from the prior&lt;font style="font-size: 11pt"&gt; &lt;/font&gt;tenant.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</FRPH:ContingentLiabiliteisTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(9)&lt;/b&gt; &lt;b&gt;Concentrations&lt;/b&gt;.&#13;Our Land Development and Construction and our Asset Management segments operate predominately in the Baltimore/&lt;font style="color: #333333"&gt;Northern&#13;Virginia/&lt;/font&gt;Washington DC&lt;font style="color: #333333"&gt; market&lt;/font&gt; area and a significant economic downturn affecting that&#13;region could adversely affect our financial results.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;Likewise, our Mining Royalty Land&#13;segment generates the predominance of its revenue from mines in Florida and Georgia and is subject to the effects of economic downturns&#13;and construction cycles in these markets. Additionally, this segment has one lessee that accounted for 63.9% of the segment&amp;#146;s&#13;revenues and $107,000 of accounts receivable at March 31, 2015. The termination of certain of this lessee&amp;#146;s underlying leases&#13;or non-performance under the leases could have a material adverse effect on the segment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;The Company places its cash and&#13;cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC insured limits.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(10)&lt;/b&gt; &lt;b&gt;Fair Value Measurements&lt;/b&gt;.&#13;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&#13;between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used&#13;to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or&#13;liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level&#13;3 means the use of inputs that are unobservable and significant to the overall fair value measurement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;As of March 31, 2015, the Company&#13;had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. The fair value of all other financial&#13;instruments with the exception of mortgage notes (see Note 5) approximates the carrying value due to the short-term nature of such&#13;instruments. In addition, we believe the fair value of the amount outstanding pertaining to the revolver approximates the carrying&#13;value as the related debt agreement reflects present market terms and contains certain interest rates that reset periodically based&#13;on current market indices.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:FairValueDisclosuresTextBlock>
    <FRPH:RealEstateHeldForSaleTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;(11) Real Estate Held for Sale&lt;/b&gt;. The&#13;Company and the buyer recently executed an amendment to extend the closing for the sale of phase two of the Windlass Run residential&#13;sale from March 2015 to August 2015 and increased the sales price by $188,000, to $11,188,000, to compensate the Company for the&#13;delay. Management believes this closing will occur on or before August 31, 2015. The book value of the property was $4,698,000&#13;as of March 31, 2015 and is classified as real estate held for sale.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</FRPH:RealEstateHeldForSaleTextBlock>
    <us-gaap:UnusualOrInfrequentItemsDisclosureTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;(12) Unusual or Infrequent Items Impacting&#13;Quarterly Results. &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Operating profit includes expenses of $107,000&#13;and $307,000 in the second quarter and six months respectively of fiscal 2015 for non-recurring costs related to the Spin-off.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"&gt;In January 2015 the Company prepaid&#13;the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest&#13;expense. The remaining deferred loan costs of $15,000 were also included in interest expense.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:UnusualOrInfrequentItemsDisclosureTextBlock>
    <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"&gt;(13) Investment in Riverfront&#13;and Brooksville Joint Ventures.&lt;/p&gt;&#13;&#13;&lt;p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"&gt;&lt;i&gt;Riverfront. &lt;/i&gt;&lt;font style="font-weight: normal"&gt;On&#13;March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (&amp;#147;MRP&amp;#148;) to&#13;form a joint venture to develop the first phase only of the four phase master development known as Riverfront on the Anacostia&#13;in Washington, D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square&#13;foot residential apartment building (including approximately 18,000 square feet of retail) on approximately 2 acres of the roughly&#13;5.82 acre site. The joint venture, Riverfront Investment Partners I, LLC (&amp;#147;Riverfront I&amp;#148;) was formed in June 2013 as&#13;contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash&#13;of $4,866,000 to the Joint Venture&lt;/font&gt; &lt;font style="font-weight: normal"&gt;for a 76.91% stake in the venture. MRP contributed&#13;capital of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. The Joint&#13;Venture closed on $17,000,000 of EB5 secondary financing and a nonrecourse construction loan for $65,000,000 on August 8, 2014.&#13;Both these financing sources are non-recourse to FRP. Construction commenced in October 2014. At this point, the Company anticipates&#13;lease up to occur in the second half of calendar 2016 and all of 2017. The Company&amp;#146;s equity interest in the joint venture&#13;is accounted for under the equity method of accounting as MRP acts as the administrative agent of the joint venture and oversees&#13;and controls the day to day operations of the project.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Other income for the first six months of&#13;fiscal 2015 includes a loss of $162,000 representing the Company&amp;#146;s portion of the loss of this joint venture due primarily&#13;to expenses incurred in the joint venture this quarter with respect to the environmental remediation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Brooksville.&lt;/i&gt;&lt;/b&gt; In 2006, the Company&#13;entered into a Joint Venture Agreement with Florida Rock Industries, Inc. (now owned by Vulcan Materials Company) to jointly own&#13;and develop approximately 4,300 acres of land near Brooksville, Florida. Under the terms of the joint venture, FRP contributed&#13;its fee interest in approximately 3,443 acres formerly leased to Vulcan under a long-term mining lease which had a net book value&#13;of $2,548,000. Vulcan is entitled to mine a portion of the property until 2022 and pay royalties to the Company. FRP also contributed&#13;$3,018,000 for one-half of the acquisition costs of a 288-acre contiguous parcel. Vulcan contributed 553 acres that it owned as&#13;well as its leasehold interest in the 3,443 acres that it leased from FRP and $3,018,000 for one-half of the acquisition costs&#13;of the 288-acre contiguous parcel. The joint venture is jointly controlled by Vulcan and FRP, and they each have a mandatory obligation&#13;to fund additional capital contributions of up to $2,380,000. Capital contributions of $2,347,000 have been made by each party&#13;as of March 31, 2015. Distributions will be made on a 50-50 basis except for royalties and depletion specifically allocated to&#13;the Company. Other income for the first six months of fiscal 2015 includes a loss of $18,000 representing the Company&amp;#146;s portion&#13;of the loss of this joint venture. In April 2011, the Florida Department of Community Affairs issued its Final Order approving&#13;the development of the Project, and zoning for the Project was obtained from Hernando County in August 2012. We will continue to&#13;monitor the residential market in Hernando County and pursue opportunities to partner with a master community developer or major&#13;homebuilder to commence construction when the market dictates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Real estate revenues included $143,000 of&#13;royalties from the mining activities on this property in the six months ended March 31, 2015 and $98,000 in six months ended March&#13;31, 2014. Allocated depletion expense of $3,000 was included in real estate cost of operations for the six months ended March 31,&#13;2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Investments in Joint Ventures (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 9pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 30%"&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;The&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;Company's&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;Total Assets&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;(39&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;&amp;#160;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;$ 18,537&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;$&amp;#160;&amp;#160;48,187&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;$&amp;#160;&amp;#160;(167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;$&amp;#160;&amp;#160;&amp;#160;(128&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;Summarized Unaudited Financial Information for the Investments&#13;in Joint Ventures (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Courier New, Courier, Monospace; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 9pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;As of&lt;/font&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif"&gt; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;3/31/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9/30/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 60%; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Cash&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;59&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;208&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Cash held in escrow&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;13,896&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;18,822&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Amortizable Debt Costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Investments in real estate, net.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;33,906&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;27,088&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;&amp;#160;Total Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;49,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;48,187&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Other Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,947&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;313&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Long-term Debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;17,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;17,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Capital &amp;#150; FRP&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;18,665&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;18,537&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Capital - Third Parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;12,318&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;12,337&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;&amp;#160;Total Liabilities and Capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;49,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 10pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;48,187&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 10pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Revenues:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Asset management&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;7,330&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;6,580&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;14,087&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;12,340&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Mining royalty land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,226&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;2,679&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;2,494&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Land development and construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;283&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;484&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;402&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;8,948&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;8,007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;17,250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;15,236&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 10pt Courier New, Courier, Monospace; margin: 0"&gt;Operating profit:&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Interest expense:&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Asset management&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;620&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,065&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;599&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Mining royalty land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Land development and construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;620&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,065&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;599&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 10pt Courier New, Courier, Monospace; margin: 0"&gt;Depreciation, depletion and Amortization:&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Asset management&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,776&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,619&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;3,562&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;3,151&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Mining royalty land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;30&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Land development and construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;72&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;46&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 10pt Courier New, Courier, Monospace; margin: 0"&gt;Capital expenditures:&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;477&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;569&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;993&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Internal labor&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;4,798&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;September 30,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 62%; padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Identifiable net assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Asset management&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;152,222&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;144,420&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Mining royalty land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;40,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;39,368&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Land development and construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;57,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;67,136&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 10pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;59,465&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Cash items&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;717&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,074&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;Unallocated corporate assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,228&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;1,608&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;252,085&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;313,071&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;September 30,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 62%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Revolving credit (uncollateralized)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 4%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;11,304&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 5%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;10,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;5.6% to 7.9% mortgage notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;due in installments through 2027&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;42,184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;45,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;53,488&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;55,956&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Less portion due within one year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;4,049&lt;/font&gt;&lt;/td&gt;&#13; 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layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;49,439&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;51,422&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
    <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Weighted average common shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;outstanding during the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;- shares used for basic&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;earnings per common share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,749&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,619&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,730&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Common shares issuable under&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;share based payment plans&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;which are potentially dilutive&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;88&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;83&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;97&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Common shares used for diluted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;earnings per common share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,818&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,707&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,813&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,690&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;845&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,312&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,976&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,478&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;516&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;392&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,179&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,566&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,704&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;4,155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;4,044&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Basic earnings per common share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.09&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.04&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.43&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.42&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Diluted earnings per common share:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.09&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.04&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.22&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.42&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1.5pt double; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;0.42&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
    <us-gaap:EquityMethodInvestmentsTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 9pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 30%"&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;The&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;Company's&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;Total Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;Net Loss&lt;/font&gt;&lt;/td&gt;&#13; 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layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;7,506&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;14,353&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;(78&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;$&amp;#160;&amp;#160;48,187&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;$&amp;#160;&amp;#160;(167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;$&amp;#160;&amp;#160;&amp;#160;(128&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 9pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:EquityMethodInvestmentsTextBlock>
    <us-gaap:RealEstateInvestmentFinancialStatementsDisclosureTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;As of&lt;/font&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif"&gt; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;3/31/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9/30/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 60%; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Cash&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;59&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;208&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Cash held in escrow&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;13,896&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;18,822&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Amortizable Debt Costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Investments in real estate, net.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;33,906&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;27,088&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;&amp;#160;Total Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;49,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;48,187&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Other Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,947&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;17,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Capital &amp;#150; FRP&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;18,665&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;18,537&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Capital - Third Parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;12,318&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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    <us-gaap:EarningsPerShareDiluted contextRef="From2014-10-01to2015-03-31" unitRef="USDPShares" decimals="INF">0.42</us-gaap:EarningsPerShareDiluted>
    <us-gaap:EarningsPerShareDiluted contextRef="From2013-10-01to2014-03-31" unitRef="USDPShares" decimals="INF">0.42</us-gaap:EarningsPerShareDiluted>
    <us-gaap:EarningsPerShareDiluted contextRef="From2015-01-01to2015-03-31" unitRef="USDPShares" decimals="INF">0.14</us-gaap:EarningsPerShareDiluted>
    <us-gaap:EarningsPerShareDiluted contextRef="From2014-01-01to2014-03-31" unitRef="USDPShares" decimals="INF">0.18</us-gaap:EarningsPerShareDiluted>
    <FRPH:CostofRemediation contextRef="AsOf2015-03-31_custom_RiverfrontIJointVentureMember20010763" unitRef="USD" decimals="-3">2024000</FRPH:CostofRemediation>
    <us-gaap:PaymentsOfDebtExtinguishmentCosts contextRef="From2014-10-01to2015-03-31" unitRef="USD" decimals="-3">116000</us-gaap:PaymentsOfDebtExtinguishmentCosts>
    <us-gaap:PaymentsOfDebtExtinguishmentCosts contextRef="From2015-01-01to2015-03-31" unitRef="USD" decimals="-3">116000</us-gaap:PaymentsOfDebtExtinguishmentCosts>
    <us-gaap:ExtinguishmentOfDebtAmount contextRef="From2014-10-01to2015-03-31" unitRef="USD" decimals="-3">1314000</us-gaap:ExtinguishmentOfDebtAmount>
    <us-gaap:ExtinguishmentOfDebtAmount contextRef="From2015-01-01to2015-03-31" unitRef="USD" decimals="-3">1314000</us-gaap:ExtinguishmentOfDebtAmount>
    <us-gaap:WriteOffOfDeferredDebtIssuanceCost contextRef="From2014-10-01to2015-03-31" unitRef="USD" decimals="-3">15000</us-gaap:WriteOffOfDeferredDebtIssuanceCost>
    <us-gaap:WriteOffOfDeferredDebtIssuanceCost contextRef="From2015-01-01to2015-03-31" unitRef="USD" decimals="-3">15000</us-gaap:WriteOffOfDeferredDebtIssuanceCost>
    <FRPH:Rateonprepaidmortgage contextRef="From2014-10-01to2015-03-31">8.55% and 7.95%</FRPH:Rateonprepaidmortgage>
    <FRPH:Rateonprepaidmortgage contextRef="From2015-01-01to2015-03-31">8.55% and 7.95%</FRPH:Rateonprepaidmortgage>
    <FRPH:AreaofLandtoDevelop contextRef="AsOf2015-03-31_custom_RiverfrontIJointVentureMember" unitRef="Acres" decimals="INF">2</FRPH:AreaofLandtoDevelop>
    <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="From2014-10-01to2015-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&lt;b&gt;(14) Discontinued operations. &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Effective January 30, 2015, we spun off our&#13;transportation assets into a new, publicly traded entity, Patriot Transportation Holding, Inc. The Company has accounted for the&#13;Patriot operations as discontinued operations for all periods presented. Shareholders&amp;#146; equity was reduced by $34,241,000&#13;due to this distribution on January 30, 2015. Comprehensive income of $40,000 was included in that amount.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The results of operations associated with&#13;discontinued operations for the three month and six month periods ended March 31, 2015 and 2014 were as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;10,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;31,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;41,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;63,491&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Cost of operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,230&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;31,222&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;38,195&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;60,865&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Operating profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;853&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;678&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;3,605&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,626&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(35&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(58&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Income before income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;846&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;643&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;3,572&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,568&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Provision for income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;330&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;251&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,393&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,002&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&#13;        &lt;p style="font: 10pt Courier New, Courier, Monospace; margin: 0"&gt;Income from discontinued&lt;/p&gt;&#13;        &lt;p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in"&gt;operations&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;516&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;392&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,179&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;1,566&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0"&gt;The components of the balance sheet at September 30, 2014 are&#13;as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Courier New, Courier, Monospace; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Property and&amp;#160;&amp;#160;equipment, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;42,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Accounts receivable, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;7,119&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Deferred costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;11,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Assets of discontinued operation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;61,134&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Line of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;7,282&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Accounts payable and accrued liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;11,489&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Deferred compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;717&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;Deferred income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;8,924&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Liabilities of discontinued operation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font-size: 11pt; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Courier New, Courier, Monospace"&gt;28,412&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font-size: 11pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
    <us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock contextRef="From2014-10-01to2015-03-31">&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Six Months ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;10,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;31,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;41,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;63,491&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Cost of operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;9,230&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;31,222&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;38,195&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;60,865&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Operating profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;853&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;678&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;3,605&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;2,626&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(35&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;(58&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;Income before income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;&amp;#160;846&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;516&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 10pt Courier New, Courier, Monospace"&gt;392&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13; 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text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock>
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    <us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax contextRef="From2013-10-01to2014-03-31_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_custom_PatriotTransportationMember" unitRef="USD" decimals="-3">2568000</us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax>
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    <us-gaap:DeferredTaxAssetsDeferredIncome contextRef="AsOf2014-09-30_custom_PatriotTransportationMember" unitRef="USD" decimals="-3">8924000</us-gaap:DeferredTaxAssetsDeferredIncome>
    <FRPH:UnallocatedtoDiscontinuedOps contextRef="From2015-01-01to2015-03-31_custom_TotalSegmentsMember" unitRef="USD" decimals="-3">162000</FRPH:UnallocatedtoDiscontinuedOps>
    <FRPH:UnallocatedtoDiscontinuedOps contextRef="From2014-01-01to2014-03-31_custom_TotalSegmentsMember" unitRef="USD" decimals="-3">186000</FRPH:UnallocatedtoDiscontinuedOps>
    <FRPH:UnallocatedtoDiscontinuedOps contextRef="From2014-10-01to2015-03-31_custom_TotalSegmentsMember" unitRef="USD" decimals="-3">1081000</FRPH:UnallocatedtoDiscontinuedOps>
    <FRPH:UnallocatedtoDiscontinuedOps contextRef="From2013-10-01to2014-03-31_custom_TotalSegmentsMember" unitRef="USD" decimals="-3">897000</FRPH:UnallocatedtoDiscontinuedOps>
    <us-gaap:Cash contextRef="AsOf2015-03-31" unitRef="USD" decimals="-3">691000</us-gaap:Cash>
    <us-gaap:Cash contextRef="AsOf2014-03-31" unitRef="USD" decimals="-3">1132000</us-gaap:Cash>
    <us-gaap:Cash contextRef="AsOf2014-09-30" unitRef="USD" decimals="-3">1013000</us-gaap:Cash>
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    <import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2014-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2014-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2014/elts/us-types-2014-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
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    <element id="FRPH_LineOfCreditFacilityAgreementTerm" name="LineOfCreditFacilityAgreementTerm" nillable="true" xbrli:periodType="instant" type="xbrli:pureItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_LineOfCreditStandbyLettersOfCreditSublimit" name="LineOfCreditStandbyLettersOfCreditSublimit" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2" name="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2" nillable="true" xbrli:periodType="duration" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders" name="EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="FRPH_RealEstateHeldForSaleTextBlock" name="RealEstateHeldForSaleTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
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    <element id="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" name="EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>13
<FILENAME>frph-20150331_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: Source; Value: frph10qmar15.xfr; Date: 2015%2D05%2D08T20:01:28 -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MiningPropertiesAndMineralRightsMember_lbl" xml:lang="en-US">Mining royalty land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RealEstateMember" xlink:label="us-gaap_RealEstateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateMember" xlink:to="us-gaap_RealEstateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateMember_lbl" xml:lang="en-US">Developed property rentals</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CorporateMember" xlink:label="us-gaap_CorporateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CorporateMember" xlink:to="us-gaap_CorporateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CorporateMember_lbl" xml:lang="en-US">Corporate</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_TransportationTopTenCustomersMember" xlink:label="FRPH_TransportationTopTenCustomersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_TransportationTopTenCustomersMember" xlink:to="FRPH_TransportationTopTenCustomersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_TransportationTopTenCustomersMember_lbl" xml:lang="en-US">Transportation Top Ten Customers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="us-gaap_ConcentrationRiskByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByTypeAxis" xlink:to="us-gaap_ConcentrationRiskByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskByTypeAxis_lbl" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_TransportationTopCustomerMember" xlink:label="FRPH_TransportationTopCustomerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_TransportationTopCustomerMember" xlink:to="FRPH_TransportationTopCustomerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_TransportationTopCustomerMember_lbl" xml:lang="en-US">Transportation Top Customer</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_MiningTopCustomerMember" xlink:label="FRPH_MiningTopCustomerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_MiningTopCustomerMember" xlink:to="FRPH_MiningTopCustomerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_MiningTopCustomerMember_lbl" xml:lang="en-US">Mining Top Customer</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_CommonweathAvenueMember" xlink:label="FRPH_CommonweathAvenueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_CommonweathAvenueMember" xlink:to="FRPH_CommonweathAvenueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_CommonweathAvenueMember_lbl" xml:lang="en-US">Commonwealth Avenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RealEstatePropertiesAxis" xlink:label="us-gaap_RealEstatePropertiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstatePropertiesAxis" xlink:to="us-gaap_RealEstatePropertiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstatePropertiesAxis_lbl" xml:lang="en-US">Real Estate Property Ownership [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_PatriotBusinessParkMember" xlink:label="FRPH_PatriotBusinessParkMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_PatriotBusinessParkMember" xlink:to="FRPH_PatriotBusinessParkMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_PatriotBusinessParkMember_lbl" xml:lang="en-US">Patriot Business Park</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis" xlink:label="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis" xlink:to="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_lbl" xml:lang="en-US">Long Lived Assets Held-for-sale by Asset Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_GulfHammockMember" xlink:label="FRPH_GulfHammockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_GulfHammockMember" xlink:to="FRPH_GulfHammockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_GulfHammockMember_lbl" xml:lang="en-US">Gulf Hammock</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_TransportationBusinessAcquisitionMember" xlink:label="FRPH_TransportationBusinessAcquisitionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_TransportationBusinessAcquisitionMember" xlink:to="FRPH_TransportationBusinessAcquisitionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_TransportationBusinessAcquisitionMember_lbl" xml:lang="en-US">Pipeline</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US">Business Acquisition [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_PatriotBusinessPark2Member" xlink:label="FRPH_PatriotBusinessPark2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_PatriotBusinessPark2Member" xlink:to="FRPH_PatriotBusinessPark2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_PatriotBusinessPark2Member_lbl" xml:lang="en-US">Patriot Business Park 2</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_RiverfrontIJointVentureMember" xlink:label="FRPH_RiverfrontIJointVentureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_RiverfrontIJointVentureMember" xlink:to="FRPH_RiverfrontIJointVentureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_RiverfrontIJointVentureMember_lbl" xml:lang="en-US">Riverfront I Joint Venture</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityInterestIssuedOrIssuableByTypeAxis" xlink:label="us-gaap_EquityInterestIssuedOrIssuableByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityInterestIssuedOrIssuableByTypeAxis" xlink:to="us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityInterestIssuedOrIssuableByTypeAxis_lbl" xml:lang="en-US">Equity Interest Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_WindlassRunPhase2Member" xlink:label="FRPH_WindlassRunPhase2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_WindlassRunPhase2Member" xlink:to="FRPH_WindlassRunPhase2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_WindlassRunPhase2Member_lbl" xml:lang="en-US">Windlass Run Phase 2</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_KelsoMember" xlink:label="FRPH_KelsoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_KelsoMember" xlink:to="FRPH_KelsoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_KelsoMember_lbl" xml:lang="en-US">Kelso Property</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_BrooksvilleJointVentureMember" xlink:label="FRPH_BrooksvilleJointVentureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_BrooksvilleJointVentureMember" xlink:to="FRPH_BrooksvilleJointVentureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_BrooksvilleJointVentureMember_lbl" xml:lang="en-US">Brooksville Joint Venture</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_NewPatriotMember" xlink:label="FRPH_NewPatriotMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_NewPatriotMember" xlink:to="FRPH_NewPatriotMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_NewPatriotMember_lbl" xml:lang="en-US">New Patriot</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_PatriotTransportationMember" xlink:label="FRPH_PatriotTransportationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_PatriotTransportationMember" xlink:to="FRPH_PatriotTransportationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_PatriotTransportationMember_lbl" xml:lang="en-US">Patriot Transportation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_lbl" xml:lang="en-US">Disposal Group Name [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_AssetManagement1Member" xlink:label="FRPH_AssetManagement1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_AssetManagement1Member" xlink:to="FRPH_AssetManagement1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_AssetManagement1Member_lbl" xml:lang="en-US">Asset Management</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_LandDevelopmentandConstructionMember" xlink:label="FRPH_LandDevelopmentandConstructionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_LandDevelopmentandConstructionMember" xlink:to="FRPH_LandDevelopmentandConstructionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_LandDevelopmentandConstructionMember_lbl" xml:lang="en-US">Land Development and Construction</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_TotalSegmentsMember" xlink:label="FRPH_TotalSegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_TotalSegmentsMember" xlink:to="FRPH_TotalSegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_TotalSegmentsMember_lbl" xml:lang="en-US">Total Segments</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember" xlink:label="FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember" xlink:to="FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember_lbl" xml:lang="en-US">Combined Land Development and Construction and Asset Management</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_PatriotTransortationMember" xlink:label="FRPH_PatriotTransortationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_PatriotTransortationMember" xlink:to="FRPH_PatriotTransortationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="FRPH_PatriotTransortationMember_lbl" xml:lang="en-US">Patriot Transportation</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_DocumentAndEntityInformationAbstract" xlink:label="FRPH_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_DocumentAndEntityInformationAbstract" xlink:to="FRPH_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCostAbstract" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCostAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCostAbstract" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCostAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCostAbstract_lbl" xml:lang="en-US">Real estate investments at cost:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Land" xlink:label="us-gaap_Land" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Land" xlink:to="us-gaap_Land_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Land_lbl" xml:lang="en-US">Land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BuildingsAndImprovementsGross" xlink:label="us-gaap_BuildingsAndImprovementsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingsAndImprovementsGross" xlink:to="us-gaap_BuildingsAndImprovementsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingsAndImprovementsGross_lbl" xml:lang="en-US">Buildings and improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConstructionInProgressGross" xlink:label="us-gaap_ConstructionInProgressGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionInProgressGross" xlink:to="us-gaap_ConstructionInProgressGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionInProgressGross_lbl" xml:lang="en-US">Projects under construction</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US">Total investments in properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Less accumulated depreciation and depletion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Net investments in properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="us-gaap_RealEstateInvestmentPropertyNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US">Real estate held for investment, at cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="us-gaap_RealEstateHeldforsale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateHeldforsale" xlink:to="us-gaap_RealEstateHeldforsale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateHeldforsale_lbl" xml:lang="en-US">Real estate held for sale, at cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestments_lbl" xml:lang="en-US">Investment in joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Investments" xlink:label="us-gaap_Investments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Investments" xlink:to="us-gaap_Investments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Investments_lbl" xml:lang="en-US">Net real estate investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Cash" xlink:label="us-gaap_Cash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Cash_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EscrowDeposit" xlink:label="us-gaap_EscrowDeposit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EscrowDeposit" xlink:to="us-gaap_EscrowDeposit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EscrowDeposit_lbl" xml:lang="en-US">Cash held in escrow</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxReceivable" xlink:label="us-gaap_IncomeTaxReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReceivable" xlink:to="us-gaap_IncomeTaxReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReceivable_lbl" xml:lang="en-US">Federal and state income taxes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:to="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_lbl" xml:lang="en-US">Assets of discontinued operation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredRentReceivablesNet" xlink:label="us-gaap_DeferredRentReceivablesNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRentReceivablesNet" xlink:to="us-gaap_DeferredRentReceivablesNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xml:lang="en-US">Unrealized rents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredCosts" xlink:label="us-gaap_DeferredCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCosts" xlink:to="us-gaap_DeferredCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCosts_lbl" xml:lang="en-US">Deferred costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuredLongTermDebt" xlink:label="us-gaap_SecuredLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredLongTermDebt" xlink:to="us-gaap_SecuredLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuredLongTermDebt_lbl" xml:lang="en-US">Secured notes payable, less current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuredDebtCurrent" xlink:label="us-gaap_SecuredDebtCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebtCurrent" xlink:to="us-gaap_SecuredDebtCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuredDebtCurrent_lbl" xml:lang="en-US">Secured notes payable, current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Line of credit payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts payable and accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccruedEnvironmentalLossContingenciesCurrent" xlink:label="us-gaap_AccruedEnvironmentalLossContingenciesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedEnvironmentalLossContingenciesCurrent" xlink:to="us-gaap_AccruedEnvironmentalLossContingenciesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedEnvironmentalLossContingenciesCurrent_lbl" xml:lang="en-US">Environmental remediation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="us-gaap_DeferredRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenue" xlink:to="us-gaap_DeferredRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenue_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TaxesPayableCurrentAndNoncurrent" xlink:label="us-gaap_TaxesPayableCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TaxesPayableCurrentAndNoncurrent" xlink:to="us-gaap_TaxesPayableCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TaxesPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Federal and state income taxes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:to="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_lbl" xml:lang="en-US">Liabilities of discontinued operation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredCompensationLiabilityCurrent" xlink:label="us-gaap_DeferredCompensationLiabilityCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCompensationLiabilityCurrent" xlink:to="us-gaap_DeferredCompensationLiabilityCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCompensationLiabilityCurrent_lbl" xml:lang="en-US">Deferred compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_DeferredLeaseIntangibleNet" xlink:label="FRPH_DeferredLeaseIntangibleNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_DeferredLeaseIntangibleNet" xlink:to="FRPH_DeferredLeaseIntangibleNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_DeferredLeaseIntangibleNet_lbl" xml:lang="en-US">Deferred lease intangible net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="us-gaap_SecurityDepositLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecurityDepositLiability" xlink:to="us-gaap_SecurityDepositLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecurityDepositLiability_lbl" xml:lang="en-US">Tenant security deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingencies (Note 8)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockValueOutstanding" xlink:label="us-gaap_CommonStockValueOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValueOutstanding_lbl" xml:lang="en-US">Common stock, $.10 par value; 25,000,000 shares authorized, 9,770,770 and 9,703,270 shares issued and outstanding, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xml:lang="en-US">Capital in excess of par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsUnappropriated" xlink:label="us-gaap_RetainedEarningsUnappropriated" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsUnappropriated" xlink:to="us-gaap_RetainedEarningsUnappropriated_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsUnappropriated_lbl" xml:lang="en-US">Retained earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated other comprehensive (loss) income, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued and outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">Revenues:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:to="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xml:lang="en-US">Rental revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RevenueMineralSales" xlink:label="us-gaap_RevenueMineralSales" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueMineralSales" xlink:to="us-gaap_RevenueMineralSales_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenueMineralSales_lbl" xml:lang="en-US">Royalty and rents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="us-gaap_TenantReimbursements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TenantReimbursements" xlink:to="us-gaap_TenantReimbursements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TenantReimbursements_lbl" xml:lang="en-US">Revenue - reimbursements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract" xlink:label="us-gaap_OperatingCostsAndExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingCostsAndExpensesAbstract" xlink:to="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xml:lang="en-US">Cost of operations:</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_OperatingCostsDepreciationDepletionAmortization" xlink:label="FRPH_OperatingCostsDepreciationDepletionAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_OperatingCostsDepreciationDepletionAmortization" xlink:to="FRPH_OperatingCostsDepreciationDepletionAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_OperatingCostsDepreciationDepletionAmortization_lbl" xml:lang="en-US">Depreciation, depletion and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RealEstateTaxExpense" xlink:label="us-gaap_RealEstateTaxExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateTaxExpense" xlink:to="us-gaap_RealEstateTaxExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateTaxExpense_lbl" xml:lang="en-US">Property taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ServiceManagementCosts" xlink:label="us-gaap_ServiceManagementCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ServiceManagementCosts" xlink:to="us-gaap_ServiceManagementCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ServiceManagementCosts_lbl" xml:lang="en-US">Management company indirect</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="us-gaap_CostOfServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfServices_lbl" xml:lang="en-US">Corporate expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="us-gaap_OperatingCostsAndExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingCostsAndExpenses" xlink:to="us-gaap_OperatingCostsAndExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingCostsAndExpenses_lbl" xml:lang="en-US">Total cost of operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Total operating profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestAndOtherIncome" xlink:label="us-gaap_InterestAndOtherIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndOtherIncome" xlink:to="us-gaap_InterestAndOtherIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndOtherIncome_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Equity in loss of joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="us-gaap_GainLossOnSaleOfProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfProperties" xlink:to="us-gaap_GainLossOnSaleOfProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfProperties_lbl" xml:lang="en-US">(Loss) Gain on investment land sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_lbl" xml:lang="en-US">Income from continuing operations before income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="us-gaap_IncomeLossFromContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperations_lbl" xml:lang="en-US">Income from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xml:lang="en-US">Gain from discontinued transportation operations, net of taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="us-gaap_EarningsPerShareBasicAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAbstract" xlink:to="us-gaap_EarningsPerShareBasicAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xml:lang="en-US">Basic earnings per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xml:lang="en-US">Income from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare_lbl" xml:lang="en-US">Discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="us-gaap_EarningsPerShareDilutedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDilutedAbstract" xlink:to="us-gaap_EarningsPerShareDilutedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDilutedAbstract_lbl" xml:lang="en-US">Diluted earnings per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xml:lang="en-US">Income from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_lbl" xml:lang="en-US">Discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US">Number of shares (in thousands) used in computing:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">-basic earnings per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">-diluted earnings per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProfitLoss_2_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_2_lbl" xml:lang="en-US">Income from discontinued operations, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation, depletion and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_2_lbl" xml:lang="en-US">Equity in loss of joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US">Stock-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_lbl" xml:lang="en-US">Net changes in operating assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:to="us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable_lbl" xml:lang="en-US">Income taxes payable and receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_lbl" xml:lang="en-US">Other long-term liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash provided by operating activities of continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Net cash provided by operating activities of discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Investments in property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Cash held in escrow</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:to="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xml:lang="en-US">Investment in joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Proceeds from the sale of real estate held for investment, property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash used in investing activities of continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Net cash used in investing activities of discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayment of long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Repurchase of Company Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="us-gaap_ProceedsFromLinesOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLinesOfCredit" xlink:to="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US">Proceeds from borrowing on revolving credit facility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="us-gaap_RepaymentsOfLinesOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US">Payment on revolving credit facility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:to="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" xml:lang="en-US">Excess tax benefits from exercises of stock options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" xlink:label="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions_lbl" xml:lang="en-US">Exercise of employee stock options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash used in financing activities of continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities of discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_Cash_2_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_Cash_3_lbl" xml:lang="en-US">Cash and cash equivalents at end of the period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BasisOfAccounting" xlink:label="us-gaap_BasisOfAccounting" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccounting" xlink:to="us-gaap_BasisOfAccounting_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccounting_lbl" xml:lang="en-US">Basis of Presentation</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_NotesToFinancialStatementsAbstract" xlink:label="FRPH_NotesToFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_NotesToFinancialStatementsAbstract" xlink:to="FRPH_NotesToFinancialStatementsAbstract_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsBalanceSheetTextBlockTableTextBlock_lbl" xml:lang="en-US">Discontinued operations balance sheet</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StatementBusinessSegmentsAxis_2_lbl" xml:lang="en-US">Segments [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SegmentReportingInformationLineItems" xlink:label="us-gaap_SegmentReportingInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingInformationLineItems" xlink:to="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xml:lang="en-US">Segment Reporting Information [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_2_lbl" xml:lang="en-US">Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="us-gaap_OtherGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Corporate expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_UnallocatedtoDiscontinuedOps" xlink:label="FRPH_UnallocatedtoDiscontinuedOps" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_UnallocatedtoDiscontinuedOps" xlink:to="FRPH_UnallocatedtoDiscontinuedOps_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="FRPH_UnallocatedtoDiscontinuedOps_lbl" xml:lang="en-US">Unallocated to discontinued operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_2_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease" xlink:label="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease" xlink:to="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease_lbl" xml:lang="en-US">Capital expenditures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="us-gaap_InterestCostsCapitalized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestCostsCapitalized" xlink:to="us-gaap_InterestCostsCapitalized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xml:lang="en-US">Capital expenditures - Capitalized interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OwnedPropertyManagementCosts" xlink:label="us-gaap_OwnedPropertyManagementCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OwnedPropertyManagementCosts" xlink:to="us-gaap_OwnedPropertyManagementCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OwnedPropertyManagementCosts_lbl" xml:lang="en-US">Capital expenditures - Internal labor</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateTaxExpense" xlink:to="us-gaap_RealEstateTaxExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RealEstateTaxExpense_2_lbl" xml:lang="en-US">Capital expenditures - Real estate taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_IdentifiableAssets" xlink:label="FRPH_IdentifiableAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_IdentifiableAssets" xlink:to="FRPH_IdentifiableAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_IdentifiableAssets_lbl" xml:lang="en-US">Identifiable net assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash items</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Total identifiable net assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LineOfCredit_2_lbl" xml:lang="en-US">Revolving credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">5.6% to 7.9% mortgage notes due in installments through 2027</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:label="us-gaap_DebtLongtermAndShorttermCombinedAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtLongtermAndShorttermCombinedAmount" xlink:to="us-gaap_DebtLongtermAndShorttermCombinedAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtLongtermAndShorttermCombinedAmount_lbl" xml:lang="en-US">Total debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Less portion due within one year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2_lbl" xml:lang="en-US">Weighted average common shares outstanding during the period - shares used for basic earnings per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xml:lang="en-US">Common shares issuable under share based payment plans which are potentially dilutive</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2_lbl" xml:lang="en-US">Common shares used for diluted earnings per common share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperations_2_lbl" xml:lang="en-US">Income from continuing operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_3_lbl" xml:lang="en-US">Discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Options outstanding at October 1, 2014</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xml:lang="en-US">Options granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_lbl" xml:lang="en-US">Options forfeited</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Options exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross_lbl" xml:lang="en-US">Spin-off conversion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xml:lang="en-US">Options outstanding at March 31, 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options outstanding weighted average exercise price-beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options outstanding weighted average exercise price - Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options outstanding weighted average exercise price - forfeited</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options outstanding weighted average exercise price - Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice" xlink:label="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice" xlink:to="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options outstanding weighted average exercise price - Spin-off conversion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xml:lang="en-US">Options outstanding weighted average exercise price - Ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b" xlink:to="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b_lbl" xml:lang="en-US">Options outstanding weighted average remaining term</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Options outstanding weighted average grant date fair value - beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1_lbl" xml:lang="en-US">Options granted weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Options forfeited weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Options exercised weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1_lbl" xml:lang="en-US">Options Spin-off adjustment weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1_lbl" xml:lang="en-US">Options Spin-off conversion weighted average grant date fair value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue_2_lbl" xml:lang="en-US">Options outstanding weighted average grant date fair value - ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US">Options exercisable at March 31, 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options exerciseable weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2" xlink:to="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US">Options exerciseable weighted average remaining term</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Options exerciseable weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_lbl" xml:lang="en-US">Options vested during six months ended March 31, 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_lbl" xml:lang="en-US">Options vested weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Stock option grants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US">Annual director stock award</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_2_lbl" xml:lang="en-US">Stock based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US">Ownership percent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestments_2_lbl" xml:lang="en-US">Total Investment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xml:lang="en-US">Total Assets of the Partnership</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent" xlink:to="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent_lbl" xml:lang="en-US">Net Loss of the Partnership</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_3_lbl" xml:lang="en-US">Company's share of Net Loss of the Partnership</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash_lbl" xml:lang="en-US">Cash</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash_lbl" xml:lang="en-US">Cash held in escrow</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts_lbl" xml:lang="en-US">Amortizable Debt costs</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet_lbl" xml:lang="en-US">Investments in real estate, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_2_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt_lbl" xml:lang="en-US">Long-term debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestments_3_lbl" xml:lang="en-US">Capital - FRP Holdings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest_lbl" xml:lang="en-US">Capital - Third parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xml:lang="en-US">Total liabilities and capital</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Revenues_3_lbl" xml:lang="en-US">Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingCostsAndExpenses" xlink:to="us-gaap_OperatingCostsAndExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingCostsAndExpenses_2_lbl" xml:lang="en-US">Cost of operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GrossProfit_2_lbl" xml:lang="en-US">Operating profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_lbl" xml:lang="en-US">Income before income taxes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_4_lbl" xml:lang="en-US">Income from discontinued operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xml:lang="en-US">Property and equipment, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="us-gaap_AccountsReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US">Accounts receivable, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCredit_3_lbl" xml:lang="en-US">Line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsDeferredIncome" xlink:label="us-gaap_DeferredTaxAssetsDeferredIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsDeferredIncome" xlink:to="us-gaap_DeferredTaxAssetsDeferredIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsDeferredIncome_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" xlink:to="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_lbl" xml:lang="en-US">Brooksville joint venture owned</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US">Charges/allocation related to Transition Services Agreement with Patriot</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange" xlink:label="us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange" xlink:to="us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange_lbl" xml:lang="en-US">Lowest interest rate on mortgage notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange" xlink:label="us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange" xlink:to="us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange_lbl" xml:lang="en-US">Highest interest rate on mortgage notes</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_TerminatedCreditFacility" xlink:label="FRPH_TerminatedCreditFacility" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_TerminatedCreditFacility" xlink:to="FRPH_TerminatedCreditFacility_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_TerminatedCreditFacility_lbl" xml:lang="en-US">Terminated credit facility</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_LineOfCreditFacilityAgreementTerm" xlink:label="FRPH_LineOfCreditFacilityAgreementTerm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_LineOfCreditFacilityAgreementTerm" xlink:to="FRPH_LineOfCreditFacilityAgreementTerm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_LineOfCreditFacilityAgreementTerm_lbl" xml:lang="en-US">Credit Agreement term years</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US">Revolving Credit Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_LineOfCreditStandbyLettersOfCreditSublimit" xlink:label="FRPH_LineOfCreditStandbyLettersOfCreditSublimit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_LineOfCreditStandbyLettersOfCreditSublimit" xlink:to="FRPH_LineOfCreditStandbyLettersOfCreditSublimit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_LineOfCreditStandbyLettersOfCreditSublimit_lbl" xml:lang="en-US">Sublimit for standby letters of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_LineofCreditOutstandingPreSpinOff" xlink:label="FRPH_LineofCreditOutstandingPreSpinOff" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_LineofCreditOutstandingPreSpinOff" xlink:to="FRPH_LineofCreditOutstandingPreSpinOff_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_LineofCreditOutstandingPreSpinOff_lbl" xml:lang="en-US">Revolver outstanding prior to Spin-off</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LettersOfCreditOutstandingAmount" xlink:label="us-gaap_LettersOfCreditOutstandingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LettersOfCreditOutstandingAmount" xlink:to="us-gaap_LettersOfCreditOutstandingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LettersOfCreditOutstandingAmount_lbl" xml:lang="en-US">Letters of credit issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding" xlink:label="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding" xlink:to="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding_lbl" xml:lang="en-US">Borrowed under the revolver</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xml:lang="en-US">Facility amount available for borrowing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Carrying amount of mortgage notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="us-gaap_LongTermDebtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtFairValue" xlink:to="us-gaap_LongTermDebtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xml:lang="en-US">Fair value of mortgage notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US">Anti-dilutive shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xml:lang="en-US">Shares available for future issuance</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ReplacementOptionsWeight" xlink:label="FRPH_ReplacementOptionsWeight" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ReplacementOptionsWeight" xlink:to="FRPH_ReplacementOptionsWeight_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ReplacementOptionsWeight_lbl" xml:lang="en-US">FRP options replacement</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ReplacementOptionsWeightPatriot" xlink:label="FRPH_ReplacementOptionsWeightPatriot" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ReplacementOptionsWeightPatriot" xlink:to="FRPH_ReplacementOptionsWeightPatriot_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ReplacementOptionsWeightPatriot_lbl" xml:lang="en-US">Patriot options replacement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl" xml:lang="en-US">Aggregate intrinsic value of exercisable in-the-money options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US">Aggregate intrinsic value of outstanding in-the-money options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharePrice" xlink:label="us-gaap_SharePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharePrice" xlink:to="us-gaap_SharePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharePrice_lbl" xml:lang="en-US">Market close price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions_lbl" xml:lang="en-US">Realized tax benefit from options exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US">Total unrecognized compensation cost of options granted but not yet vested</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2" xlink:label="FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2" xlink:to="FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2_lbl" xml:lang="en-US">Weighted average period for compensation to be recognized</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders" xlink:label="FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders" xlink:to="FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders_lbl" xml:lang="en-US">Gains realized by option holders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LossContingencyRangeOfPossibleLossMaximum" xlink:label="us-gaap_LossContingencyRangeOfPossibleLossMaximum" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyRangeOfPossibleLossMaximum" xlink:to="us-gaap_LossContingencyRangeOfPossibleLossMaximum_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyRangeOfPossibleLossMaximum_lbl" xml:lang="en-US">Cap on environment financial responsibility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EnvironmentalRemediationExpense" xlink:label="us-gaap_EnvironmentalRemediationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EnvironmentalRemediationExpense" xlink:to="us-gaap_EnvironmentalRemediationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EnvironmentalRemediationExpense_lbl" xml:lang="en-US">Environmental remediation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_CostofRemediation" xlink:label="FRPH_CostofRemediation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_CostofRemediation" xlink:to="FRPH_CostofRemediation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_CostofRemediation_lbl" xml:lang="en-US">Total cost of remediation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_2_lbl" xml:lang="en-US">Joint venture percentage stake</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US">Customer revenue concentration</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsReceivableNet_2_lbl" xml:lang="en-US">Accounts receivable concentration</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsFairValueDisclosureRecurring" xlink:label="us-gaap_AssetsFairValueDisclosureRecurring" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosureRecurring" xlink:to="us-gaap_AssetsFairValueDisclosureRecurring_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsFairValueDisclosureRecurring_lbl" xml:lang="en-US">Assets measured at fair value on a recurring basis</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureRecurring" xlink:label="us-gaap_LiabilitiesFairValueDisclosureRecurring" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosureRecurring" xlink:to="us-gaap_LiabilitiesFairValueDisclosureRecurring_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosureRecurring_lbl" xml:lang="en-US">Liabilities measured at fair value on a recurring basis</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsFairValueDisclosureNonrecurring" xlink:label="us-gaap_AssetsFairValueDisclosureNonrecurring" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosureNonrecurring" xlink:to="us-gaap_AssetsFairValueDisclosureNonrecurring_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsFairValueDisclosureNonrecurring_lbl" xml:lang="en-US">Assets measured at fair value on a non-recurring basis</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:label="us-gaap_LiabilitiesFairValueDisclosureNonrecurring" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:to="us-gaap_LiabilitiesFairValueDisclosureNonrecurring_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosureNonrecurring_lbl" xml:lang="en-US">Liabilities measured at fair value on a non-recurring basis</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_RealEstateSalesContract" xlink:label="FRPH_RealEstateSalesContract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_RealEstateSalesContract" xlink:to="FRPH_RealEstateSalesContract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_RealEstateSalesContract_lbl" xml:lang="en-US">Sales price</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_RealEstateSalesContractPriceIncrease" xlink:label="FRPH_RealEstateSalesContractPriceIncrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_RealEstateSalesContractPriceIncrease" xlink:to="FRPH_RealEstateSalesContractPriceIncrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_RealEstateSalesContractPriceIncrease_lbl" xml:lang="en-US">Increase in sales price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CostOfRealEstateSales" xlink:label="us-gaap_CostOfRealEstateSales" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRealEstateSales" xlink:to="us-gaap_CostOfRealEstateSales_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfRealEstateSales_lbl" xml:lang="en-US">Book value of property</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ReorganizationItems" xlink:label="us-gaap_ReorganizationItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReorganizationItems" xlink:to="us-gaap_ReorganizationItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReorganizationItems_lbl" xml:lang="en-US">Spin off related costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ExtinguishmentOfDebtAmount" xlink:label="us-gaap_ExtinguishmentOfDebtAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExtinguishmentOfDebtAmount" xlink:to="us-gaap_ExtinguishmentOfDebtAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExtinguishmentOfDebtAmount_lbl" xml:lang="en-US">Mortgage prepayment</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_Rateonprepaidmortgage" xlink:label="FRPH_Rateonprepaidmortgage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_Rateonprepaidmortgage" xlink:to="FRPH_Rateonprepaidmortgage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_Rateonprepaidmortgage_lbl" xml:lang="en-US">Rate of prepayed mortgage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:label="us-gaap_PaymentsOfDebtExtinguishmentCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:to="us-gaap_PaymentsOfDebtExtinguishmentCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDebtExtinguishmentCosts_lbl" xml:lang="en-US">Prepayment penalty</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WriteOffOfDeferredDebtIssuanceCost" xlink:label="us-gaap_WriteOffOfDeferredDebtIssuanceCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WriteOffOfDeferredDebtIssuanceCost" xlink:to="us-gaap_WriteOffOfDeferredDebtIssuanceCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WriteOffOfDeferredDebtIssuanceCost_lbl" xml:lang="en-US">Deferred loan costs on early prepayment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AreaOfRealEstateProperty" xlink:label="us-gaap_AreaOfRealEstateProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfRealEstateProperty" xlink:to="us-gaap_AreaOfRealEstateProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AreaOfRealEstateProperty_lbl" xml:lang="en-US">Square feet</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetRentableArea" xlink:label="us-gaap_NetRentableArea" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetRentableArea" xlink:to="us-gaap_NetRentableArea_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetRentableArea_lbl" xml:lang="en-US">Retail square feet</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_AreaofLandtoDevelop" xlink:label="FRPH_AreaofLandtoDevelop" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_AreaofLandtoDevelop" xlink:to="FRPH_AreaofLandtoDevelop_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_AreaofLandtoDevelop_lbl" xml:lang="en-US">Area of land to develop</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AreaOfLand" xlink:label="us-gaap_AreaOfLand" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfLand" xlink:to="us-gaap_AreaOfLand_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AreaOfLand_lbl" xml:lang="en-US">Land acreage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ContributionOfProperty" xlink:label="us-gaap_ContributionOfProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContributionOfProperty" xlink:to="us-gaap_ContributionOfProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContributionOfProperty_lbl" xml:lang="en-US">Value of land contributed</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="us-gaap_PaymentsToAcquireEquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:to="us-gaap_PaymentsToAcquireEquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireEquityMethodInvestments_lbl" xml:lang="en-US">Cash contributed</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherOwnershipInterestsValue" xlink:label="us-gaap_OtherOwnershipInterestsValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOwnershipInterestsValue" xlink:to="us-gaap_OtherOwnershipInterestsValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherOwnershipInterestsValue_lbl" xml:lang="en-US">MRP minimum capital contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_SecondaryFinancing" xlink:label="FRPH_SecondaryFinancing" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_SecondaryFinancing" xlink:to="FRPH_SecondaryFinancing_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_SecondaryFinancing_lbl" xml:lang="en-US">EB5 Secondary financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConstructionLoanNoncurrent" xlink:label="us-gaap_ConstructionLoanNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionLoanNoncurrent" xlink:to="us-gaap_ConstructionLoanNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionLoanNoncurrent_lbl" xml:lang="en-US">Nonrecourse construction loan</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_AreaofLandContributed" xlink:label="FRPH_AreaofLandContributed" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_AreaofLandContributed" xlink:to="FRPH_AreaofLandContributed_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_AreaofLandContributed_lbl" xml:lang="en-US">FRP land contribution previously leased to Vulcan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xml:lang="en-US">Book value of land contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RoyaltyRevenue" xlink:label="us-gaap_RoyaltyRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RoyaltyRevenue" xlink:to="us-gaap_RoyaltyRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RoyaltyRevenue_lbl" xml:lang="en-US">Royalty revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Depletion" xlink:label="us-gaap_Depletion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depletion" xlink:to="us-gaap_Depletion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depletion_lbl" xml:lang="en-US">Allocated depletion expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquireLand" xlink:label="us-gaap_PaymentsToAcquireLand" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireLand" xlink:to="us-gaap_PaymentsToAcquireLand_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xml:lang="en-US">FRP additional contribution for land</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_AreaOfLandAcquired" xlink:label="FRPH_AreaOfLandAcquired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_AreaOfLandAcquired" xlink:to="FRPH_AreaOfLandAcquired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_AreaOfLandAcquired_lbl" xml:lang="en-US">Additional land acquired</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_AreaOfLandContributedVulcan" xlink:label="FRPH_AreaOfLandContributedVulcan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_AreaOfLandContributedVulcan" xlink:to="FRPH_AreaOfLandContributedVulcan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_AreaOfLandContributedVulcan_lbl" xml:lang="en-US">Vulcan land contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_MandatoryPaymentsToAcquireInterestInJointVenture" xlink:label="FRPH_MandatoryPaymentsToAcquireInterestInJointVenture" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_MandatoryPaymentsToAcquireInterestInJointVenture" xlink:to="FRPH_MandatoryPaymentsToAcquireInterestInJointVenture_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_MandatoryPaymentsToAcquireInterestInJointVenture_lbl" xml:lang="en-US">Mandatory capital contribution obligation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:to="us-gaap_PaymentsToAcquireInterestInJointVenture_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_2_lbl" xml:lang="en-US">Capital contributions made</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_4_lbl" xml:lang="en-US">Equity in the loss of the joint venture</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_DiscontinuedOperationsDetailsNarrativeAbstract" xlink:label="FRPH_DiscontinuedOperationsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_DiscontinuedOperationsDetailsNarrativeAbstract" xlink:to="FRPH_DiscontinuedOperationsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_DiscontinuedOperationsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Discontinued Operations Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20150331.xsd#FRPH_ReductionShareholdersEquity" xlink:label="FRPH_ReductionShareholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ReductionShareholdersEquity" xlink:to="FRPH_ReductionShareholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ReductionShareholdersEquity_lbl" xml:lang="en-US">Reduction in shareholder's equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_2_lbl" xml:lang="en-US">Comprehensive income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts_doc" xml:lang="en-US">Equity Method Investment, Summarized Financial Information, Amortizable Debt Costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash_doc" xml:lang="en-US">Equity Method Investment, Summarized Financial Information, Cash</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash_doc" xml:lang="en-US">Equity Method Investment, Summarized Financial Information, Escrow Cash</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet_doc" xml:lang="en-US">Equity Method Investment, Summarized Financial Information, Investments in real estate, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_IdentifiableAssets" xlink:to="FRPH_IdentifiableAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="FRPH_IdentifiableAssets_doc" xml:lang="en-US">Assets grouped by segment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_PatriotTransortationMember" xlink:to="FRPH_PatriotTransortationMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_PatriotTransortationMember_2_lbl" xml:lang="en-US">PatriotTransortationMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_2_lbl" xml:lang="en-US">Property, Plant and Equipment, Gross</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Investments" xlink:to="us-gaap_Investments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Investments_2_lbl" xml:lang="en-US">Investments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GrossProfit_3_lbl" xml:lang="en-US">Gross Profit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Domestic</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperations_3_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_3_lbl" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Diluted Share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_2_lbl" xml:lang="en-US">Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_2_lbl" xml:lang="en-US">Earnings Per Share, Diluted</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_2_lbl" xml:lang="en-US">Increase (Decrease) in Prepaid Expense and Other Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_2_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Payable and Accrued Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_2_lbl" xml:lang="en-US">Increase (Decrease) in Restricted Cash</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_2_lbl" xml:lang="en-US">Repayments of Long-term Debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_2_lbl" xml:lang="en-US">Payments for Repurchase of Common Stock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_2_lbl" xml:lang="en-US">Repayments of Lines of Credit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_2_lbl" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_2_lbl" xml:lang="en-US">Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense_2_lbl" xml:lang="en-US">Other General and Administrative Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_UnallocatedtoDiscontinuedOps" xlink:to="FRPH_UnallocatedtoDiscontinuedOps_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_UnallocatedtoDiscontinuedOps_2_lbl" xml:lang="en-US">UnallocatedtoDiscontinuedOps</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>16
<FILENAME>frph-20150331_pre.xml
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EK1AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Contingent Liabilities (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
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        <td class="nump"><a title="us-gaap_LossContingencyRangeOfPossibleLossMaximum" onclick="toggleNextSibling(this);">$ 1,871</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LossContingencyRangeOfPossibleLossMaximum</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LossContingencyRangeOfPossibleLossMaximum" onclick="toggleNextSibling(this);">$ 1,871</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LossContingencyRangeOfPossibleLossMaximum</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EnvironmentalRemediationExpense', window );">Environmental remediation expense</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EnvironmentalRemediationExpense" onclick="toggleNextSibling(this);">1,771</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EnvironmentalRemediationExpense</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in loss of joint ventures</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">150</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">31</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">180</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">63</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">128</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember', window );">Riverfront I Joint Venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EnvironmentalRemediationExpense', window );">Environmental remediation expense</a></td>
        <td class="nump"><a title="us-gaap_EnvironmentalRemediationExpense[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">100</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EnvironmentalRemediationExpense<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_CostofRemediation', window );">Total cost of remediation</a></td>
        <td class="nump"><a title="FRPH_CostofRemediation[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">2,024</a><span style="display:none;white-space:normal;text-align:left;">FRPH_CostofRemediation<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_CostofRemediation[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">2,024</a><span style="display:none;white-space:normal;text-align:left;">FRPH_CostofRemediation<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in loss of joint ventures</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">$ 140</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">$ 162</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Joint venture percentage stake</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period for known or estimated future costs arising from requirements to perform environmental remediation activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6393242&amp;loc=d3e13296-110859<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EnvironmentalRemediationExpense</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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                    <td>duration</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                    <td>num:percentItemType</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 9<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                <p>The estimated maximum amount of possible loss from the contingency.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EYUAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Discontinued operations - Discontinued operations balance sheet (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">$ 206,429</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">$ 207,436</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred costs</a></td>
        <td class="nump"><a title="us-gaap_DeferredCosts" onclick="toggleNextSibling(this);">6,528</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredCosts" onclick="toggleNextSibling(this);">7,027</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCosts</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="nump"><a title="us-gaap_OtherAssets" onclick="toggleNextSibling(this);">174</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssets" onclick="toggleNextSibling(this);">179</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation', window );">Assets of discontinued operation</a></td>
        <td class="nump"><a title="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">61,134</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Line of credit</a></td>
        <td class="nump"><a title="us-gaap_LineOfCredit" onclick="toggleNextSibling(this);">11,304</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit</span><span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCredit" onclick="toggleNextSibling(this);">10,363</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">2,472</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">3,948</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityCurrent', window );">Deferred compensation</a></td>
        <td class="nump"><a title="us-gaap_DeferredCompensationLiabilityCurrent" onclick="toggleNextSibling(this);">1,328</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCompensationLiabilityCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredCompensationLiabilityCurrent" onclick="toggleNextSibling(this);">1,247</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCompensationLiabilityCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation', window );">Liabilities of discontinued operation</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">28,412</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember', window );">Patriot Transportation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">42,174</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Accounts receivable, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNet[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">7,119</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNet<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DeferredCosts[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">11,809</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCosts<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssets[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">32</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssets<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation', window );">Assets of discontinued operation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">61,134</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Line of credit</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCredit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">7,282</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">11,489</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityCurrent', window );">Deferred compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DeferredCompensationLiabilityCurrent[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">717</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCompensationLiabilityCurrent<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsDeferredIncome', window );">Deferred income taxes</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsDeferredIncome[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">8,924</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsDeferredIncome<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation', window );">Liabilities of discontinued operation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">$ 28,412</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(1),(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.15)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph 1, 5<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsReceivableNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount classified as assets attributable to disposal group held for sale or disposed of.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 710<br><br> -SubTopic 10<br><br> -Section 30<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20028-108363<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 710<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6409733&amp;loc=d3e19512-108361<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredCompensationLiabilityCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 17<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.10)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsDeferredIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsDeferredIncome</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount classified as liabilities attributable to disposal group held for sale or disposed of.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1436-107760<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 17<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 7<br><br><br><br></p>
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<p style="margin: 0pt">&#160;</p>

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<p style="margin: 0pt"></p><span></span></td>
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                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1510-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1474-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8077374&amp;loc=d3e2443-110228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EDHAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Real Estate Held for Sale (Details Narrative) (Windlass Run Phase 2, USD $)<br>In Thousands, unless otherwise specified</strong></div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Reflects for the period the total of the carrying amount of the commercial, industrial and residential land and buildings sold plus certain overhead and other costs incurred to place the real estate in saleable condition, capitalized interest costs in the properties sold, and inventory impairment losses recognized. This element would most likely be used by an entity whose principal activities involve real estate or which has significant real estate operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EGEAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Earnings per Share (Details Narrative)<br></strong></div>
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        <td class="nump"><a title="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" onclick="toggleNextSibling(this);">56,110</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</span><span></span></td>
        <td class="nump"><a title="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" onclick="toggleNextSibling(this);">26,334</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</span><span></span></td>
        <td class="nump"><a title="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" onclick="toggleNextSibling(this);">56,110</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</span><span></span></td>
        <td class="nump"><a title="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" onclick="toggleNextSibling(this);">31,790</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</span><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Antidilution<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Diluted Earnings Per Share<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Contingent Stock Agreement<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Party Agreements with Patriot<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
      </tr>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><font style="font-family: Courier New, Courier, Monospace"><b>(4)</b></font>
<b>Related Party Agreements with Patriot. </b><font style="font-family: Courier New, Courier, Monospace">In order to affect the
Spin-off and govern our relationship with Patriot Transportation Holding, Inc. after the Spin-off, we entered into an Employee
Matters Agreement and a Transition Services Agreement. The Employee Matters Agreement generally allocates responsibilities to each
company for liabilities relating to each company&#146;s current and former employees and allocated responsibilities under employee
benefit plans. The Transition Services Agreement sets forth the terms on which Patriot is providing to FRP certain services that
were shared prior to the Spin-off, including the services of certain shared executive officers, for a period of 12 or more months
after the Spin-off.</font></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The consolidated statements of income reflects
charges and/or allocations from Patriot for these services of $643,000 and $890,000 for the three months ended March 31, 2015 and
2014, and $1,437,000 and $1,497,000 for the six months ended March 31, 2015 and 2014, respectively. Included in the charges above
are amounts recognized for stock-based executive compensation expense. These charges are reflected within corporate expenses on
the consolidated statements of income.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">To determine these allocations between FRP
and Patriot, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses
and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP&#146;s operations but
any such related-party transactions cannot be presumed to be carried out on an arm&#146;s-length basis as the terms were negotiated
while Patriot was still a subsidiary of FRP.</p>



<p style="margin: 0pt"></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph b<br><br> -Article 3A<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Article 4<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ECHAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExtraordinaryAndUnusualItemsAbstract', window );"><strong>Extraordinary and Unusual Items [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReorganizationItems', window );">Spin off related costs</a></td>
        <td class="nump"><a title="us-gaap_ReorganizationItems" onclick="toggleNextSibling(this);">$ 107</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ReorganizationItems</span><span></span></td>
        <td class="nump"><a title="us-gaap_ReorganizationItems" onclick="toggleNextSibling(this);">$ 307</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ReorganizationItems</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExtinguishmentOfDebtAmount', window );">Mortgage prepayment</a></td>
        <td class="nump"><a title="us-gaap_ExtinguishmentOfDebtAmount" onclick="toggleNextSibling(this);">1,314</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ExtinguishmentOfDebtAmount</span><span></span></td>
        <td class="nump"><a title="us-gaap_ExtinguishmentOfDebtAmount" onclick="toggleNextSibling(this);">1,314</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ExtinguishmentOfDebtAmount</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_Rateonprepaidmortgage', window );">Rate of prepayed mortgage</a></td>
        <td class="text">8.55% and 7.95%<span></span></td>
        <td class="text">8.55% and 7.95%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtExtinguishmentCosts', window );">Prepayment penalty</a></td>
        <td class="nump"><a title="us-gaap_PaymentsOfDebtExtinguishmentCosts" onclick="toggleNextSibling(this);">116</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsOfDebtExtinguishmentCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_PaymentsOfDebtExtinguishmentCosts" onclick="toggleNextSibling(this);">116</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsOfDebtExtinguishmentCosts</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WriteOffOfDeferredDebtIssuanceCost', window );">Deferred loan costs on early prepayment</a></td>
        <td class="nump"><a title="us-gaap_WriteOffOfDeferredDebtIssuanceCost" onclick="toggleNextSibling(this);">$ 15</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WriteOffOfDeferredDebtIssuanceCost</span><span></span></td>
        <td class="nump"><a title="us-gaap_WriteOffOfDeferredDebtIssuanceCost" onclick="toggleNextSibling(this);">$ 15</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WriteOffOfDeferredDebtIssuanceCost</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_Rateonprepaidmortgage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_Rateonprepaidmortgage</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExtinguishmentOfDebtAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of debt extinguished.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ExtinguishmentOfDebtAmount</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExtraordinaryAndUnusualItemsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ExtraordinaryAndUnusualItemsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDebtExtinguishmentCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for incremental, external costs directly pertaining to an early extinguishment of debt, including legal costs and prepayment penalties, and excluding interest and repayment of debt principal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsOfDebtExtinguishmentCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReorganizationItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total amount of reorganization items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 852<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34712771&amp;loc=d3e56145-112766<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 852<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6916575&amp;loc=d3e55730-112764<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ReorganizationItems</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WriteOffOfDeferredDebtIssuanceCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Write-off of amounts previously capitalized as debt issuance cost in an extinguishment of debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WriteOffOfDeferredDebtIssuanceCost</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ECDAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summary of Stock Activity (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015

</div>
          <div>Years</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014

</div>
          <div>Years</div>
        </th>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Options outstanding at October 1, 2014</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">326,830</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Options granted</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" onclick="toggleNextSibling(this);">39,425</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod', window );">Options forfeited</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" onclick="toggleNextSibling(this);">6,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Options exercised</a></td>
        <td class="nump"><a title="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" onclick="toggleNextSibling(this);">51,300</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross', window );">Spin-off conversion</a></td>
        <td class="nump"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross" onclick="toggleNextSibling(this);">17,795</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Options outstanding at March 31, 2015</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">326,750</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Options outstanding weighted average exercise price-beginning balance</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 25.43</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Options outstanding weighted average exercise price - Granted</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 26.97</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice', window );">Options outstanding weighted average exercise price - forfeited</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 14.97</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Options outstanding weighted average exercise price - Exercised</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 13.27</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice', window );">Options outstanding weighted average exercise price - Spin-off conversion</a></td>
        <td class="nump"><a title="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 20.63</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Options outstanding weighted average exercise price - Ending balance</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 21.35</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b', window );">Options outstanding weighted average remaining term</a></td>
        <td class="nump"><a title="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b" onclick="toggleNextSibling(this);">6.0</a><span style="display:none;white-space:normal;text-align:left;">FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b</span><span></span></td>
        <td class="nump"><a title="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b" onclick="toggleNextSibling(this);">5.0</a><span style="display:none;white-space:normal;text-align:left;">FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue', window );">Options outstanding weighted average grant date fair value - beginning balance</a></td>
        <td class="nump"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" onclick="toggleNextSibling(this);">$ 3,481</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1', window );">Options granted weighted average grant date fair value</a></td>
        <td class="nump"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1" onclick="toggleNextSibling(this);">432</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue', window );">Options forfeited weighted average grant date fair value</a></td>
        <td class="num"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue" onclick="toggleNextSibling(this);">(35)</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue', window );">Options exercised weighted average grant date fair value</a></td>
        <td class="num"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue" onclick="toggleNextSibling(this);">(297)</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1', window );">Options Spin-off adjustment weighted average grant date fair value</a></td>
        <td class="num"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1" onclick="toggleNextSibling(this);">(865)</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1', window );">Options Spin-off conversion weighted average grant date fair value</a></td>
        <td class="nump"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1" onclick="toggleNextSibling(this);">155</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue', window );">Options outstanding weighted average grant date fair value - ending balance</a></td>
        <td class="nump"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue" onclick="toggleNextSibling(this);">2,871</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Options exercisable at March 31, 2015</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" onclick="toggleNextSibling(this);">234,847</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Options exerciseable weighted average exercise price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 20.21</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2', window );">Options exerciseable weighted average remaining term</a></td>
        <td class="nump"><a title="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2" onclick="toggleNextSibling(this);">5.1</a><span style="display:none;white-space:normal;text-align:left;">FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue', window );">Options exerciseable weighted average grant date fair value</a></td>
        <td class="nump"><a title="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue" onclick="toggleNextSibling(this);">1,884</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares', window );">Options vested during six months ended March 31, 2015</a></td>
        <td class="nump"><a title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" onclick="toggleNextSibling(this);">37,546</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1', window );">Options vested weighted average grant date fair value</a></td>
        <td class="nump"><a title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" onclick="toggleNextSibling(this);">$ 329</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:decimalItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
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                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
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                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
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                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td style="white-space:nowrap;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
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                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:decimalItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffAdjustmentWeightedAverageGrantDateFairValue1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageGrantDateFairValue1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsSpinOffConversionWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(3)-(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of share options (or share units) granted during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of options outstanding, including both vested and non-vested options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of options vested. Excludes equity instruments other than options, for example, but not limited to, share units, stock appreciation rights, restricted stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of options vested.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EA6AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Earnings per share (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average common shares outstanding during the period - shares used for basic earnings per common share</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,749</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,619</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,730</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,593</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements', window );">Common shares issuable under share based payment plans which are potentially dilutive</a></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" onclick="toggleNextSibling(this);">69</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" onclick="toggleNextSibling(this);">88</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" onclick="toggleNextSibling(this);">83</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" onclick="toggleNextSibling(this);">97</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Common shares used for diluted earnings per common share</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,818</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,707</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,813</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,690</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperations', window );">Income from continuing operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">$ 845</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">$ 1,312</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">$ 1,976</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">$ 2,478</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">516</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">392</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">2,179</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">1,566</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 1,361</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 1,704</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 4,155</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 4,044</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAbstract', window );"><strong>Basic earnings per common share</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare', window );">Income from continuing operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.09</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.20</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.26</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare', window );">Discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.05</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.04</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.23</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.16</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.18</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.43</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.42</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDilutedAbstract', window );"><strong>Diluted earnings per common share</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare', window );">Income from continuing operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.09</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.20</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.26</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare', window );">Discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.05</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.04</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.22</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.16</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.18</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.42</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.42</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAbstract</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareDilutedAbstract</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4613673-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Per diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section E<br><br> -Paragraph Question 3<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1500-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EUIAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Investment in Riverfront and Brooksville Joint Ventures (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInterestInJointVenture', window );">Capital contributions made</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_PaymentsToAcquireInterestInJointVenture" onclick="toggleNextSibling(this);">$ 311</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquireInterestInJointVenture</span><span></span></td>
        <td class="nump"><a title="us-gaap_PaymentsToAcquireInterestInJointVenture" onclick="toggleNextSibling(this);">$ 210</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquireInterestInJointVenture</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in the loss of the joint venture</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(150)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(31)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(180)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(63)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(128)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember', window );">Riverfront I Joint Venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContributionOfProperty', window );">Value of land contributed</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_ContributionOfProperty[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">13,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ContributionOfProperty<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Cash contributed</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_PaymentsToAcquireEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">4,866</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquireEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Joint venture percentage stake</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in the loss of the joint venture</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(140)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(162)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(89)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember', window );">Brooksville Joint Venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Land acreage</a></td>
        <td class="nump"><a title="us-gaap_AreaOfLand[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">4,300</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AreaOfLand<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AreaOfLand[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">4,300</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AreaOfLand<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Joint venture percentage stake</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">50.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">50.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">50.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_AreaofLandContributed', window );">FRP land contribution previously leased to Vulcan</a></td>
        <td class="nump"><a title="FRPH_AreaofLandContributed[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">3,443</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaofLandContributed<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_AreaofLandContributed[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">3,443</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaofLandContributed<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Book value of land contribution</a></td>
        <td class="nump"><a title="us-gaap_RealEstateInvestmentPropertyAtCost[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">2,548</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateInvestmentPropertyAtCost<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateInvestmentPropertyAtCost[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">2,548</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateInvestmentPropertyAtCost<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RoyaltyRevenue', window );">Royalty revenues</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_RoyaltyRevenue[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">98</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RoyaltyRevenue<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depletion', window );">Allocated depletion expense</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Depletion[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">3</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Depletion<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireLand', window );">FRP additional contribution for land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_PaymentsToAcquireLand[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">3,018</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquireLand<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_AreaOfLandAcquired', window );">Additional land acquired</a></td>
        <td class="nump"><a title="FRPH_AreaOfLandAcquired[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">288</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaOfLandAcquired<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_AreaOfLandAcquired[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">288</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaOfLandAcquired<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_AreaOfLandContributedVulcan', window );">Vulcan land contribution</a></td>
        <td class="nump"><a title="FRPH_AreaOfLandContributedVulcan[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">553</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaOfLandContributedVulcan<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_AreaOfLandContributedVulcan[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">553</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaOfLandContributedVulcan<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_MandatoryPaymentsToAcquireInterestInJointVenture', window );">Mandatory capital contribution obligation</a></td>
        <td class="nump"><a title="FRPH_MandatoryPaymentsToAcquireInterestInJointVenture[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">2,380</a><span style="display:none;white-space:normal;text-align:left;">FRPH_MandatoryPaymentsToAcquireInterestInJointVenture<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_MandatoryPaymentsToAcquireInterestInJointVenture[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">2,380</a><span style="display:none;white-space:normal;text-align:left;">FRPH_MandatoryPaymentsToAcquireInterestInJointVenture<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInterestInJointVenture', window );">Capital contributions made</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_PaymentsToAcquireInterestInJointVenture[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">2,347</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquireInterestInJointVenture<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in the loss of the joint venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">(18)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">(39)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember', window );">Riverfront I Joint Venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetRentableArea', window );">Retail square feet</a></td>
        <td class="nump"><a title="us-gaap_NetRentableArea[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">18,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetRentableArea<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_NetRentableArea[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">18,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetRentableArea<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_AreaofLandtoDevelop', window );">Area of land to develop</a></td>
        <td class="nump"><a title="FRPH_AreaofLandtoDevelop[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">2</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaofLandtoDevelop<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_AreaofLandtoDevelop[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">2</a><span style="display:none;white-space:normal;text-align:left;">FRPH_AreaofLandtoDevelop<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Land acreage</a></td>
        <td class="nump"><a title="us-gaap_AreaOfLand[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">5.82</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AreaOfLand<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AreaOfLand[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">5.82</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AreaOfLand<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Joint venture percentage stake</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOwnershipInterestsValue', window );">MRP minimum capital contribution</a></td>
        <td class="nump"><a title="us-gaap_OtherOwnershipInterestsValue[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">5,553</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherOwnershipInterestsValue<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_OtherOwnershipInterestsValue[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">5,553</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherOwnershipInterestsValue<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_SecondaryFinancing', window );">EB5 Secondary financing</a></td>
        <td class="nump"><a title="FRPH_SecondaryFinancing[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">17,000</a><span style="display:none;white-space:normal;text-align:left;">FRPH_SecondaryFinancing<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_SecondaryFinancing[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">17,000</a><span style="display:none;white-space:normal;text-align:left;">FRPH_SecondaryFinancing<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConstructionLoanNoncurrent', window );">Nonrecourse construction loan</a></td>
        <td class="nump"><a title="us-gaap_ConstructionLoanNoncurrent[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">65,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ConstructionLoanNoncurrent<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_ConstructionLoanNoncurrent[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">65,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ConstructionLoanNoncurrent<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Book value of land contribution</a></td>
        <td class="nump"><a title="us-gaap_RealEstateInvestmentPropertyAtCost[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">$ 6,165</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateInvestmentPropertyAtCost<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateInvestmentPropertyAtCost[us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">$ 6,165</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateInvestmentPropertyAtCost<br>/ us-gaap_RealEstatePropertiesAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_AreaOfLandAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_AreaOfLandAcquired</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_AreaofLandContributed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_AreaofLandContributed</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_AreaOfLandContributedVulcan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_AreaOfLandContributedVulcan</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_AreaofLandtoDevelop">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_AreaofLandtoDevelop</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_MandatoryPaymentsToAcquireInterestInJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_MandatoryPaymentsToAcquireInterestInJointVenture</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_SecondaryFinancing">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_SecondaryFinancing</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfLand">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of land held.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AreaOfLand</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConstructionLoanNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the noncurrent portion of a long-term real estate loan to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project (generally one to seven years), usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ConstructionLoanNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContributionOfProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of property contributed in noncash investing and financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ContributionOfProperty</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depletion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncash expense charged against earnings to recognize the consumption of natural resources.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Depletion</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 9<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetRentableArea">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net rentable area for properties owned.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetRentableArea</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOwnershipInterestsValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of capital contributed by other unit holders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -Subparagraph (SAB TOPIC 4.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187171-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherOwnershipInterestsValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquireEquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireInterestInJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquireInterestInJointVenture</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireLand">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the acquisition of real estate intended to generate income for the owner; excludes land acquired for use by the owner.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquireLand</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAtCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyAtCost</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RoyaltyRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue earned during the period from the leasing or otherwise lending to a third party the entity's rights or title to certain property. Royalty revenue is derived from a percentage or stated amount of sales proceeds or revenue generated by the third party using the entity's property. Examples of property from which royalties may be derived include patents and oil and mineral rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RoyaltyRevenue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td>duration</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember</td>
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                    <td></td>
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                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                    <td>na</td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RealEstatePropertiesAxis=FRPH_RiverfrontIJointVentureMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                    <td>na</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EJKAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Compensation Expense (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock option grants</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">$ 46</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">$ 93</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">$ 218</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">$ 262</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Annual director stock award</a></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" onclick="toggleNextSibling(this);">536</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" onclick="toggleNextSibling(this);">698</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" onclick="toggleNextSibling(this);">536</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" onclick="toggleNextSibling(this);">698</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock based compensation</a></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpense" onclick="toggleNextSibling(this);">$ 582</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpense" onclick="toggleNextSibling(this);">$ 791</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpense" onclick="toggleNextSibling(this);">$ 754</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpense" onclick="toggleNextSibling(this);">$ 960</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpense</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415241&amp;loc=d3e4534-113899<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11149-113907<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11178-113907<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 14.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (h)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br> -Section F<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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    </div>
  </body>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EKGAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Investment in Riverfront and Brooksville Joint Ventures (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Total Investment</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">$ 18,665</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">$ 18,665</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">$ 18,537</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">Total Assets of the Partnership</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" onclick="toggleNextSibling(this);">49,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" onclick="toggleNextSibling(this);">49,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" onclick="toggleNextSibling(this);">48,187</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent', window );">Net Loss of the Partnership</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent" onclick="toggleNextSibling(this);">(234)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent" onclick="toggleNextSibling(this);">(137)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Company's share of Net Loss of the Partnership</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(150)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(31)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(180)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(63)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(128)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash', window );">Cash</a></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash" onclick="toggleNextSibling(this);">59</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash" onclick="toggleNextSibling(this);">59</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash" onclick="toggleNextSibling(this);">208</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash', window );">Cash held in escrow</a></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" onclick="toggleNextSibling(this);">13,896</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" onclick="toggleNextSibling(this);">13,896</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash" onclick="toggleNextSibling(this);">18,822</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts', window );">Amortizable Debt costs</a></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts" onclick="toggleNextSibling(this);">2,069</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts" onclick="toggleNextSibling(this);">2,069</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts" onclick="toggleNextSibling(this);">2,069</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet', window );">Investments in real estate, net</a></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet" onclick="toggleNextSibling(this);">33,906</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet" onclick="toggleNextSibling(this);">33,906</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet" onclick="toggleNextSibling(this);">27,088</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" onclick="toggleNextSibling(this);">49,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" onclick="toggleNextSibling(this);">49,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" onclick="toggleNextSibling(this);">48,187</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities', window );">Other liabilities</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" onclick="toggleNextSibling(this);">1,947</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" onclick="toggleNextSibling(this);">1,947</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" onclick="toggleNextSibling(this);">313</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt', window );">Long-term debt</a></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt" onclick="toggleNextSibling(this);">17,000</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt" onclick="toggleNextSibling(this);">17,000</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt" onclick="toggleNextSibling(this);">17,000</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Capital - FRP Holdings</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">18,665</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">18,665</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">18,537</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest', window );">Capital - Third parties</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest" onclick="toggleNextSibling(this);">12,318</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest" onclick="toggleNextSibling(this);">12,318</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest" onclick="toggleNextSibling(this);">12,337</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity', window );">Total liabilities and capital</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" onclick="toggleNextSibling(this);">49,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" onclick="toggleNextSibling(this);">49,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" onclick="toggleNextSibling(this);">48,187</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember', window );">Riverfront I Joint Venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percent</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">76.91%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Total Investment</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">11,146</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">11,146</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">11,031</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">Total Assets of the Partnership</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">35,588</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">35,588</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">33,834</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent', window );">Net Loss of the Partnership</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(198)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(89)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Company's share of Net Loss of the Partnership</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(140)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(162)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">(89)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">35,588</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">35,588</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">33,834</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Capital - FRP Holdings</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">11,146</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">11,146</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember]" onclick="toggleNextSibling(this);">11,031</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_RiverfrontIJointVentureMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember', window );">Brooksville Joint Venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percent</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">50.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">50.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentOwnershipPercentage[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">50.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentOwnershipPercentage<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Total Investment</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">7,519</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">7,519</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">7,506</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">Total Assets of the Partnership</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">14,342</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">14,342</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">14,353</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent', window );">Net Loss of the Partnership</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">(36)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">(78)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Company's share of Net Loss of the Partnership</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">(18)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">(39)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">14,342</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">14,342</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">14,353</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Capital - FRP Holdings</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">$ 7,519</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">$ 7,519</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments[us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember]" onclick="toggleNextSibling(this);">$ 7,506</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments<br>/ us-gaap_EquityInterestIssuedOrIssuableByTypeAxis<br>= FRPH_BrooksvilleJointVentureMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity Method Investment, Summarized Financial Information, Amortizable Debt Costs</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity Method Investment, Summarized Financial Information, Cash</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationCash</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity Method Investment, Summarized Financial Information, Escrow Cash</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity Method Investment, Summarized Financial Information, Investments in real estate, net</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of assets reported by an equity method investment of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(g))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33912-111571<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph bb<br><br> -Article 1<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph g<br><br> -Subparagraph 1, 2<br><br> -Article 4<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph w<br><br> -Article 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of liabilities reported by an equity method investment of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(g))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33912-111571<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph bb<br><br> -Article 1<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph g<br><br> -Subparagraph 1, 2<br><br> -Article 4<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph w<br><br> -Article 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of liabilities and equity reported by an equity method investment of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(g))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33912-111571<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph bb<br><br> -Article 1<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph g<br><br> -Subparagraph 1, 2<br><br> -Article 4<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph w<br><br> -Article 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of equity attributable to noncontrolling interests of an equity method investment of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><b>(3)</b> <b>Business Segments.</b> The
Company operates in three reportable business segments (i) Asset Management and (ii) Mining Royalty Land and (iii) Land Development
and Construction. The Asset Management segment owns, leases, manages and operates commercial office/warehouse buildings primarily
located in the Baltimore/Northern Virginia/Washington, DC area. The Mining Royalty Land segment owns real estate predominately
in Florida and Georgia that is leased to mining companies in exchange for royalty or land rental income. The Land Development and
Construction segment acquires, owns, entitles, and develops land to be used for income production via (i) construction by the Company
of warehouse/office uses for our Asset Management segment, or (ii) other commercial, residential or mixed use projects through
joint ventures or sales to third parties.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Subsequent to the Spin-off, the Company is
receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services)
which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective
as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included
in the Company&#146;s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily
stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as &#147;unallocated&#148; on the
Company&#146;s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former
transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation.
Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in &#147;corporate expense&#148;
on the Company&#146;s consolidated income statements herein. Reclassifications to the appropriate prior period line items and
amounts have been made to be comparable to the current presentation.</p>

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                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EU5AE">
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          <div style="width: 200px;"><strong>Discontinued operations - Discontinued operations results of operations (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
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          <div>Mar. 31, 2014</div>
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          <div>Mar. 31, 2015</div>
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          <div>Mar. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenue</a></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 8,948</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 8,007</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 17,250</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 15,236</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Cost of operations</a></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">6,789</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">5,538</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">12,746</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">10,591</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
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      <tr class="re">
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        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">2,159</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">2,469</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">4,504</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">4,645</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
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      <tr class="ro">
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        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(620)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(310)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(1,065)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(599)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">541</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">838</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">1,263</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">1,584</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">516</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">392</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">2,179</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">1,566</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
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        <td class="nump"><a title="us-gaap_Revenues[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">10,083</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">31,900</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">41,800</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">63,491</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Cost of operations</a></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">9,230</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">31,222</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">38,195</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">60,865</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Operating profit</a></td>
        <td class="nump"><a title="us-gaap_GrossProfit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">853</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">678</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">3,605</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">2,626</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num"><a title="us-gaap_InterestExpense[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">(7)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">(35)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">(33)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">(58)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax', window );">Income before income taxes</a></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">846</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">643</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">3,572</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">2,568</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">330</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">251</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">1,393</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">1,002</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">$ 516</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">$ 392</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">$ 2,179</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember]" onclick="toggleNextSibling(this);">$ 1,566</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransportationMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 05<br><br> -Paragraph 15<br><br> -Article 3<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GrossProfit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the cost of borrowed funds accounted for as interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Revenues</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransportationMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EVDAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Concentrations (Details Narrative) (Mining Top Customer, USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Mining Top Customer</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Customer revenue concentration</a></td>
        <td class="nump"><a title="us-gaap_ConcentrationRiskPercentage1[us-gaap_ConcentrationRiskByTypeAxis=FRPH_MiningTopCustomerMember]" onclick="toggleNextSibling(this);">63.90%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ConcentrationRiskPercentage1<br>/ us-gaap_ConcentrationRiskByTypeAxis<br>= FRPH_MiningTopCustomerMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Accounts receivable concentration</a></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNet[us-gaap_ConcentrationRiskByTypeAxis=FRPH_MiningTopCustomerMember]" onclick="toggleNextSibling(this);">$ 107</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNet<br>/ us-gaap_ConcentrationRiskByTypeAxis<br>= FRPH_MiningTopCustomerMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsReceivableNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13537-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6404-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13531-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6351-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							}</script></head>
  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EQABG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Balance Sheets (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCostAbstract', window );"><strong>Real estate investments at cost:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Land', window );">Land</a></td>
        <td class="nump"><a title="us-gaap_Land" onclick="toggleNextSibling(this);">$ 102,339</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Land</span><span></span></td>
        <td class="nump"><a title="us-gaap_Land" onclick="toggleNextSibling(this);">$ 102,146</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Land</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BuildingsAndImprovementsGross', window );">Buildings and improvements</a></td>
        <td class="nump"><a title="us-gaap_BuildingsAndImprovementsGross" onclick="toggleNextSibling(this);">174,067</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_BuildingsAndImprovementsGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_BuildingsAndImprovementsGross" onclick="toggleNextSibling(this);">164,317</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_BuildingsAndImprovementsGross</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConstructionInProgressGross', window );">Projects under construction</a></td>
        <td class="nump"><a title="us-gaap_ConstructionInProgressGross" onclick="toggleNextSibling(this);">1,095</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ConstructionInProgressGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_ConstructionInProgressGross" onclick="toggleNextSibling(this);">8,971</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ConstructionInProgressGross</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Total investments in properties</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross" onclick="toggleNextSibling(this);">277,501</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross" onclick="toggleNextSibling(this);">275,434</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less accumulated depreciation and depletion</a></td>
        <td class="nump"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">71,072</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">67,998</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net investments in properties</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">206,429</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">207,436</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate held for investment, at cost</a></td>
        <td class="nump"><a title="us-gaap_RealEstateInvestmentPropertyNet" onclick="toggleNextSibling(this);">7,306</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateInvestmentPropertyNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateInvestmentPropertyNet" onclick="toggleNextSibling(this);">7,304</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateInvestmentPropertyNet</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateHeldforsale', window );">Real estate held for sale, at cost</a></td>
        <td class="nump"><a title="us-gaap_RealEstateHeldforsale" onclick="toggleNextSibling(this);">4,698</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateHeldforsale</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateHeldforsale" onclick="toggleNextSibling(this);">4,473</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateHeldforsale</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in joint ventures</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">18,665</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">18,537</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Investments', window );">Net real estate investments</a></td>
        <td class="nump"><a title="us-gaap_Investments" onclick="toggleNextSibling(this);">237,098</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Investments</span><span></span></td>
        <td class="nump"><a title="us-gaap_Investments" onclick="toggleNextSibling(this);">237,750</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Investments</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">691</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">1,013</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EscrowDeposit', window );">Cash held in escrow</a></td>
        <td class="nump"><a title="us-gaap_EscrowDeposit" onclick="toggleNextSibling(this);">26</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EscrowDeposit</span><span></span></td>
        <td class="nump"><a title="us-gaap_EscrowDeposit" onclick="toggleNextSibling(this);">61</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EscrowDeposit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable</a></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">981</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">1,127</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReceivable', window );">Federal and state income taxes receivable</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReceivable" onclick="toggleNextSibling(this);">1,776</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReceivable</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReceivable" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReceivable</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation', window );">Assets of discontinued operation</a></td>
        <td class="nump"><a title="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">61,134</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentReceivablesNet', window );">Unrealized rents</a></td>
        <td class="nump"><a title="us-gaap_DeferredRentReceivablesNet" onclick="toggleNextSibling(this);">4,811</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRentReceivablesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredRentReceivablesNet" onclick="toggleNextSibling(this);">4,780</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRentReceivablesNet</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred costs</a></td>
        <td class="nump"><a title="us-gaap_DeferredCosts" onclick="toggleNextSibling(this);">6,528</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredCosts" onclick="toggleNextSibling(this);">7,027</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCosts</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="nump"><a title="us-gaap_OtherAssets" onclick="toggleNextSibling(this);">174</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssets" onclick="toggleNextSibling(this);">179</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssets</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">252,085</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">313,071</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredLongTermDebt', window );">Secured notes payable, less current portion</a></td>
        <td class="nump"><a title="us-gaap_SecuredLongTermDebt" onclick="toggleNextSibling(this);">38,135</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecuredLongTermDebt</span><span></span></td>
        <td class="nump"><a title="us-gaap_SecuredLongTermDebt" onclick="toggleNextSibling(this);">41,059</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecuredLongTermDebt</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebtCurrent', window );">Secured notes payable, current portion</a></td>
        <td class="nump"><a title="us-gaap_SecuredDebtCurrent" onclick="toggleNextSibling(this);">4,049</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecuredDebtCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_SecuredDebtCurrent" onclick="toggleNextSibling(this);">4,534</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecuredDebtCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Line of credit payable</a></td>
        <td class="nump"><a title="us-gaap_LineOfCredit" onclick="toggleNextSibling(this);">11,304</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit</span><span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCredit" onclick="toggleNextSibling(this);">10,363</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">2,472</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">3,948</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedEnvironmentalLossContingenciesCurrent', window );">Environmental remediation</a></td>
        <td class="nump"><a title="us-gaap_AccruedEnvironmentalLossContingenciesCurrent" onclick="toggleNextSibling(this);">926</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccruedEnvironmentalLossContingenciesCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccruedEnvironmentalLossContingenciesCurrent" onclick="toggleNextSibling(this);">1,771</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccruedEnvironmentalLossContingenciesCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred revenue</a></td>
        <td class="nump"><a title="us-gaap_DeferredRevenue" onclick="toggleNextSibling(this);">365</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRevenue</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredRevenue" onclick="toggleNextSibling(this);">872</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRevenue</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxesPayableCurrentAndNoncurrent', window );">Federal and state income taxes payable</a></td>
        <td class="nump"><a title="us-gaap_TaxesPayableCurrentAndNoncurrent" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TaxesPayableCurrentAndNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_TaxesPayableCurrentAndNoncurrent" onclick="toggleNextSibling(this);">572</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TaxesPayableCurrentAndNoncurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred income taxes</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxLiabilitiesNoncurrent" onclick="toggleNextSibling(this);">14,658</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxLiabilitiesNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxLiabilitiesNoncurrent" onclick="toggleNextSibling(this);">12,969</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxLiabilitiesNoncurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation', window );">Liabilities of discontinued operation</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" onclick="toggleNextSibling(this);">28,412</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityCurrent', window );">Deferred compensation</a></td>
        <td class="nump"><a title="us-gaap_DeferredCompensationLiabilityCurrent" onclick="toggleNextSibling(this);">1,328</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCompensationLiabilityCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredCompensationLiabilityCurrent" onclick="toggleNextSibling(this);">1,247</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredCompensationLiabilityCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_DeferredLeaseIntangibleNet', window );">Deferred lease intangible net</a></td>
        <td class="nump"><a title="FRPH_DeferredLeaseIntangibleNet" onclick="toggleNextSibling(this);">74</a><span style="display:none;white-space:normal;text-align:left;">FRPH_DeferredLeaseIntangibleNet</span><span></span></td>
        <td class="nump"><a title="FRPH_DeferredLeaseIntangibleNet" onclick="toggleNextSibling(this);">103</a><span style="display:none;white-space:normal;text-align:left;">FRPH_DeferredLeaseIntangibleNet</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecurityDepositLiability', window );">Tenant security deposits</a></td>
        <td class="nump"><a title="us-gaap_SecurityDepositLiability" onclick="toggleNextSibling(this);">887</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecurityDepositLiability</span><span></span></td>
        <td class="nump"><a title="us-gaap_SecurityDepositLiability" onclick="toggleNextSibling(this);">906</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecurityDepositLiability</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump"><a title="us-gaap_Liabilities" onclick="toggleNextSibling(this);">74,198</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities" onclick="toggleNextSibling(this);">106,756</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies (Note 8)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValueOutstanding', window );">Common stock, $.10 par value; 25,000,000 shares authorized, 9,770,770 and 9,703,270 shares issued and outstanding, respectively</a></td>
        <td class="nump"><a title="us-gaap_CommonStockValueOutstanding" onclick="toggleNextSibling(this);">977</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockValueOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockValueOutstanding" onclick="toggleNextSibling(this);">970</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockValueOutstanding</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Capital in excess of par value</a></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">49,542</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">47,892</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsUnappropriated', window );">Retained earnings</a></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsUnappropriated" onclick="toggleNextSibling(this);">127,380</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsUnappropriated</span><span></span></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsUnappropriated" onclick="toggleNextSibling(this);">157,413</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsUnappropriated</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive (loss) income, net</a></td>
        <td class="num"><a title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" onclick="toggleNextSibling(this);">(12)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" onclick="toggleNextSibling(this);">40</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">177,887</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">206,315</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">$ 252,085</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">$ 313,071</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_DeferredLeaseIntangibleNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_DeferredLeaseIntangibleNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(1),(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph 1, 5<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedEnvironmentalLossContingenciesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value of the obligation (known or estimated) arising from requirements to perform activities to remediate one or more sites, payable in twelve months or in the next operating cycle if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 410<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6393242&amp;loc=d3e13207-110859<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 410<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -Subparagraph (d)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6393242&amp;loc=d3e13237-110859<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccruedEnvironmentalLossContingenciesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 14<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Assets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount classified as assets attributable to disposal group held for sale or disposed of.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BuildingsAndImprovementsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_BuildingsAndImprovementsGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Cash</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValueOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of all classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares exclude common shares repurchased by the entity and held as treasury shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockValueOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConstructionInProgressGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ConstructionInProgressGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 710<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 30<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20028-108363<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 710<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6409733&amp;loc=d3e19512-108361<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredCompensationLiabilityCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentReceivablesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39927-112707<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredRentReceivablesNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1 Response)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredRevenue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EscrowDeposit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EscrowDeposit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of income taxes previously overpaid to tax authorities (such as U.S. Federal, state and local tax authorities) representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Also called income tax refund receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph c<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxReceivable</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Investments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph h<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Investments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Land">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depletion of real estate held for productive use, excluding land held for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Land</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Liabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount classified as liabilities attributable to disposal group held for sale or disposed of.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1436-107760<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateHeldforsale">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RealEstateHeldforsale</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAtCostAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyAtCostAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsUnappropriated">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A segregation of retained earnings which is available for dividend distribution. Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. Unappropriated profit is part of shareholder equity. Also called cumulative distributions or earned surplus or accumulated earnings or unappropriated profit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(3)(ii))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.23(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 24<br><br><br><br> -Subparagraph a(4)<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RetainedEarningsUnappropriated</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of the portion of long-term, collateralized debt obligations due within one year or the operating cycle, if longer. Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SecuredDebtCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of collateralized debt obligations with maturities initially due after one year or beyond the operating cycle, if longer, excluding the current portion. Obligations include, but not limited to, mortgage loans, chattel loans, and other borrowings secured by assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SecuredLongTermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecurityDepositLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SecurityDepositLiability</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
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                <p>Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E2DAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Discontinued operations (Details narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Jan. 30, 2015</div>
        </th>
        <th class="th">
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_DiscontinuedOperationsDetailsNarrativeAbstract', window );"><strong>Discontinued Operations Details Narrative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_ReductionShareholdersEquity', window );">Reduction in shareholder's equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_ReductionShareholdersEquity" onclick="toggleNextSibling(this);">$ 34,241</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ReductionShareholdersEquity</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Comprehensive income</a></td>
        <td class="num"><a title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" onclick="toggleNextSibling(this);">$ (12)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" onclick="toggleNextSibling(this);">$ 40</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" onclick="toggleNextSibling(this);">$ 40</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</span><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 31<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Basis of Presentation<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
      </tr>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccounting', window );">Basis of Presentation</a></td>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><b>(1)</b> <b>Basis of Presentation</b>.
The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the &#147;Company&#148; or &#147;FRP&#148;)
inclusive of our operating real estate subsidiaries, FRP Development Corp. (&#147;Development&#148;) and Florida Rock Properties,
Inc. (&#148;Properties&#148;) subsequent to the completed spin-off (the &#147;Spin-off&#148;) of our transportation assets
into a new, publicly traded entity, Patriot Transportation Holding, Inc. (&#147;Patriot&#148;; stock symbol &#147;PATI&#148;)
effective January 30, 2015. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued
operation that cannot receive any corporate overhead allocation. Hence, all corporate overhead of the transportation group through
the date of the spin-off is included in &#147;corporate expense&#148; on the Company&#146;s consolidated income statements herein.
See Note 3 for a breakdown of corporate expenses showing the amounts per the Company&#146;s segments, the unallocated to any segment
and the unallocated to discontinued operations. Reclassifications to the appropriate prior period line items and amounts have been
made to be comparable to the current presentation. Our investment in the 50% owned Brooksville
Joint Venture and in the Riverfront Investment Partners I, LLC are accounted for under the equity method of accounting (See Note
13). 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 six months ended March 31, 2015 are not necessarily
indicative of the results that may be expected for the fiscal year ending September 30, 2015. The accompanying consolidated financial
statements and the information included under the heading &#34;Management's Discussion and Analysis of Financial Condition and
Results of Operations&#34; should be read in conjunction with the Company's consolidated financial statements and related notes
included in the Company&#146;s Form 10-K for the year ended September 30, 2014.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">&#160;</font></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">Following
the completion of the spin-off of the transportation business on January 30, 2015, management conducted a strategic review of the
Company&#146;s real estate operations.&#160; As a result of this review, information that the Company&#146;s chief operating
decision maker (its chief executive officer) regularly reviews for purposes of allocating resources and assessing performance changed.
Therefore, beginning in fiscal year 2015, the Company will report its financial performance based on the three reportable segments
described below.&#160; Beginning with the quarter ending March 31, 2015, our financial statements will reflect the new reporting
structure with prior periods adjusted accordingly</font>.&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">Our Mining and Royalties segment
stays the same, but based on our strategic review the <font style="color: #000000">Developed Property Rentals seg</font>ment has
been broken down into an Asset Management segment and a Land Development and Construction segment to reflect how management now
evaluates the real estate activities previously presented in the <font style="color: Black">Developed Property Rentals segment.
The Asset Management segment contains all the developed</font> buildings capable of producing current rental income; the Land
Development and Construction segments contains the remaining developable land not yet developed to its eventual highest and best
use potential where the Company's focus is to add further entitlements, construct vertical improvements or market the property
to third parties all in an effort to bring such property to income producing status or realization of its fair market value through
sales or exchange. This Land Development and Construction segment is generally in a pre-income production state where objectives
are long term capital investment for eventual production of long-term rental streams or capital investment to achieve highest
potential market value for sale to third parties.</p>



<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"></p>



<p style="margin: 0pt"></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange', window );">Lowest interest rate on mortgage notes</a></td>
        <td class="nump"><a title="us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange" onclick="toggleNextSibling(this);">5.60%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange', window );">Highest interest rate on mortgage notes</a></td>
        <td class="nump"><a title="us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange" onclick="toggleNextSibling(this);">7.90%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_TerminatedCreditFacility', window );">Terminated credit facility</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_TerminatedCreditFacility" onclick="toggleNextSibling(this);">$ 55,000</a><span style="display:none;white-space:normal;text-align:left;">FRPH_TerminatedCreditFacility</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_LineOfCreditFacilityAgreementTerm', window );">Credit Agreement term years</a></td>
        <td class="nump"><a title="FRPH_LineOfCreditFacilityAgreementTerm" onclick="toggleNextSibling(this);">5</a><span style="display:none;white-space:normal;text-align:left;">FRPH_LineOfCreditFacilityAgreementTerm</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Revolving Credit Agreement</a></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" onclick="toggleNextSibling(this);">20,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_LineOfCreditStandbyLettersOfCreditSublimit', window );">Sublimit for standby letters of credit</a></td>
        <td class="nump"><a title="FRPH_LineOfCreditStandbyLettersOfCreditSublimit" onclick="toggleNextSibling(this);">10,000</a><span style="display:none;white-space:normal;text-align:left;">FRPH_LineOfCreditStandbyLettersOfCreditSublimit</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_LineofCreditOutstandingPreSpinOff', window );">Revolver outstanding prior to Spin-off</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_LineofCreditOutstandingPreSpinOff" onclick="toggleNextSibling(this);">17,645</a><span style="display:none;white-space:normal;text-align:left;">FRPH_LineofCreditOutstandingPreSpinOff</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LettersOfCreditOutstandingAmount', window );">Letters of credit issued</a></td>
        <td class="nump"><a title="us-gaap_LettersOfCreditOutstandingAmount" onclick="toggleNextSibling(this);">2,610</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LettersOfCreditOutstandingAmount</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding', window );">Borrowed under the revolver</a></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding" onclick="toggleNextSibling(this);">11,304</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding" onclick="toggleNextSibling(this);">10,483</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding" onclick="toggleNextSibling(this);">10,363</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Facility amount available for borrowing</a></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" onclick="toggleNextSibling(this);">6,086</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Carrying amount of mortgage notes payable</a></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentCarryingAmount" onclick="toggleNextSibling(this);">42,184</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentCarryingAmount</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtFairValue', window );">Fair value of mortgage notes payable</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtFairValue" onclick="toggleNextSibling(this);">46,048</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtFairValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransortationMember', window );">Patriot Transportation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding', window );">Borrowed under the revolver</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransortationMember]" onclick="toggleNextSibling(this);">$ 5,142</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransortationMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding[us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=FRPH_PatriotTransortationMember]" onclick="toggleNextSibling(this);">$ 7,282</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding<br>/ us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis<br>= FRPH_PatriotTransortationMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_LineOfCreditFacilityAgreementTerm">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_LineOfCreditFacilityAgreementTerm</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:pureItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_LineofCreditOutstandingPreSpinOff">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_LineofCreditOutstandingPreSpinOff</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_LineOfCreditStandbyLettersOfCreditSublimit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_LineOfCreditStandbyLettersOfCreditSublimit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_TerminatedCreditFacility">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_TerminatedCreditFacility</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LettersOfCreditOutstandingAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of the contingent obligation under letters of credit outstanding as of the reporting date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LettersOfCreditOutstandingAmount</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of the amount outstanding under the credit facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13433-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13476-108611<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
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                <p>Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</td>
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                    <td>xbrli:monetaryItemType</td>
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                <p>The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.</p>
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                <p>No definition available.</p>
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                <p>The highest stated interest rate within the mortgage loans included in the loan grouping.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 948<br><br> -SubTopic 310<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-29.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 29<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph c<br><br> -Subparagraph Schedule IV<br><br> -Article 5<br><br><br><br></p>
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                <p>The lowest stated interest rate within the mortgage loans included in the loan grouping.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 948<br><br> -SubTopic 310<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-29.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 29<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph c<br><br> -Subparagraph Schedule IV<br><br> -Article 5<br><br><br><br></p>
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                <p>Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Recent Accounting Pronouncements<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><b>(2)</b> <b>Recently Issued Accounting
Standards.</b> In January 2015, the FASB issued ASU 2015-01, &#34;Income Statement&#151;Extraordinary and Unusual Items (Subtopic
225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.&#34; This guidance is effective
for annual periods beginning on or after December 15, 2015 and interim periods within those years, with early adoption permitted.
Effective first quarter 2015, the Company adopted ASU 2015-01 and will apply the new guidance, as applicable.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">In April 2015, the FASB issued ASU No. 2015-03,
&#147;Simplifying the Presentation of Debt Issuance Costs&#148;, which relates to the financial statement presentation of debt
issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt
liability rather than an asset. The guidance is effective for annual and interim periods beginning after December 15, 2015 and
early adoption is permitted and will only result in a change in presentation of these costs on our balance sheets.</p>



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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e765-108305<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 01<br><br> -Paragraph b<br><br> -Subparagraph 6<br><br> -Article 10<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28359718&amp;loc=d3e22499-107794<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28359718&amp;loc=d3e22580-107794<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Direct Effects of a Change in Accounting Principle<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510796<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Indirect Effects of a Change in Accounting Principle<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515603<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Accounting Change<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6503790<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Change in Accounting Principle<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507316<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.10-01.(b)(6))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27015980&amp;loc=d3e46468-122699<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Retrospective Application<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6523989<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28359718&amp;loc=d3e22583-107794<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e725-108305<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E3DAC">
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          <div style="width: 200px;"><strong>Balance Sheets (Parenthetical) (USD $)<br></strong></div>
        </th>
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          <div>Mar. 31, 2015</div>
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          <div>Sep. 30, 2014</div>
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        <td class="nump"><a title="us-gaap_CommonStockParOrStatedValuePerShare" onclick="toggleNextSibling(this);">$ 0.10</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockParOrStatedValuePerShare</span><span></span></td>
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        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">25,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">25,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
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        <td class="nump"><a title="us-gaap_CommonStockSharesIssued" onclick="toggleNextSibling(this);">9,703,270</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesIssued</span><span></span></td>
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                <p>Face amount or stated value per share of common stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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                  <tr>
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                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
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  <head>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Unusual or Infrequent Items Impacting Quarterly Results<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExtraordinaryAndUnusualItemsAbstract', window );"><strong>Extraordinary and Unusual Items [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnusualOrInfrequentItemsDisclosureTextBlock', window );">Unusual or Infrequent Items Impacting Quarterly Results</a></td>
        <td class="text"><p style="margin: 0pt"></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><b>(12) Unusual or Infrequent Items Impacting
Quarterly Results. </b></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Operating profit includes expenses of $107,000
and $307,000 in the second quarter and six months respectively of fiscal 2015 for non-recurring costs related to the Spin-off.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">In January 2015 the Company prepaid
the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest
expense. The remaining deferred loan costs of $15,000 were also included in interest expense.</p>



<p style="margin: 0pt"></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any additional information related to the determination or classification of material events or transactions (that would not reasonably be expected to recur in the foreseeable future) that possesses a high degree of abnormality and are incidentally related to, the ordinary and typical activities of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6365513&amp;loc=d3e15138-107781<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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<html>
  <head>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E5NAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document and Entity Information<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">FRP HOLDINGS, INC.<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0000844059<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-Q<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Mar. 31,  2015<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--09-30<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
        <td class="text">No<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
        <td class="text">No<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td>
        <td class="text">No<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Accelerated Filer<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="nump"><a title="dei_EntityCommonStockSharesOutstanding" onclick="toggleNextSibling(this);">9,770,770</a><span style="display:none;white-space:normal;text-align:left;">dei_EntityCommonStockSharesOutstanding</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">Q2<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2015<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>No definition available.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Investment in Riverfront and Brooksville Joint Ventures<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
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          <div>Mar. 31, 2015</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract', window );"><strong>Equity Method Investments and Joint Ventures [Abstract]</strong></a></td>
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<p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">(13) Investment in Riverfront
and Brooksville Joint Ventures.</p>

<p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&#160;</p>

<p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify"><i>Riverfront. </i><font style="font-weight: normal">On
March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (&#147;MRP&#148;) to
form a joint venture to develop the first phase only of the four phase master development known as Riverfront on the Anacostia
in Washington, D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square
foot residential apartment building (including approximately 18,000 square feet of retail) on approximately 2 acres of the roughly
5.82 acre site. The joint venture, Riverfront Investment Partners I, LLC (&#147;Riverfront I&#148;) was formed in June 2013 as
contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash
of $4,866,000 to the Joint Venture</font> <font style="font-weight: normal">for a 76.91% stake in the venture. MRP contributed
capital of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. The Joint
Venture closed on $17,000,000 of EB5 secondary financing and a nonrecourse construction loan for $65,000,000 on August 8, 2014.
Both these financing sources are non-recourse to FRP. Construction commenced in October 2014. At this point, the Company anticipates
lease up to occur in the second half of calendar 2016 and all of 2017. The Company&#146;s equity interest in the joint venture
is 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.</font></p>

<p style="font: bold 12pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other income for the first six months of
fiscal 2015 includes a loss of $162,000 representing the Company&#146;s portion of the loss of this joint venture due primarily
to expenses incurred in the joint venture this quarter with respect to the environmental remediation.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><b><i>Brooksville.</i></b> In 2006, the Company
entered into a Joint Venture Agreement with Florida Rock Industries, Inc. (now owned by Vulcan Materials Company) to jointly own
and develop approximately 4,300 acres of land near Brooksville, Florida. Under the terms of the joint venture, FRP contributed
its fee interest in approximately 3,443 acres formerly leased to Vulcan under a long-term mining lease which had a net book value
of $2,548,000. Vulcan is entitled to mine a portion of the property until 2022 and pay royalties to the Company. FRP also contributed
$3,018,000 for one-half of the acquisition costs of a 288-acre contiguous parcel. Vulcan contributed 553 acres that it owned as
well as its leasehold interest in the 3,443 acres that it leased from FRP and $3,018,000 for one-half of the acquisition costs
of the 288-acre contiguous parcel. The joint venture is jointly controlled by Vulcan and FRP, and they each have a mandatory obligation
to fund additional capital contributions of up to $2,380,000. Capital contributions of $2,347,000 have been made by each party
as of March 31, 2015. Distributions will be made on a 50-50 basis except for royalties and depletion specifically allocated to
the Company. Other income for the first six months of fiscal 2015 includes a loss of $18,000 representing the Company&#146;s portion
of the loss of this joint venture. In April 2011, the Florida Department of Community Affairs issued its Final Order approving
the development of the Project, and zoning for the Project was obtained from Hernando County in August 2012. We will continue to
monitor the residential market in Hernando County and pursue opportunities to partner with a master community developer or major
homebuilder to commence construction when the market dictates.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Real estate revenues included $143,000 of
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                <p>The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.</p>
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        <td class="nump"><a title="us-gaap_TenantReimbursements" onclick="toggleNextSibling(this);">2,868</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TenantReimbursements</span><span></span></td>
        <td class="nump"><a title="us-gaap_TenantReimbursements" onclick="toggleNextSibling(this);">2,397</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TenantReimbursements</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">8,948</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">8,007</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">17,250</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">15,236</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpensesAbstract', window );"><strong>Cost of operations:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_OperatingCostsDepreciationDepletionAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="nump"><a title="FRPH_OperatingCostsDepreciationDepletionAmortization" onclick="toggleNextSibling(this);">1,878</a><span style="display:none;white-space:normal;text-align:left;">FRPH_OperatingCostsDepreciationDepletionAmortization</span><span></span></td>
        <td class="nump"><a title="FRPH_OperatingCostsDepreciationDepletionAmortization" onclick="toggleNextSibling(this);">1,693</a><span style="display:none;white-space:normal;text-align:left;">FRPH_OperatingCostsDepreciationDepletionAmortization</span><span></span></td>
        <td class="nump"><a title="FRPH_OperatingCostsDepreciationDepletionAmortization" onclick="toggleNextSibling(this);">3,761</a><span style="display:none;white-space:normal;text-align:left;">FRPH_OperatingCostsDepreciationDepletionAmortization</span><span></span></td>
        <td class="nump"><a title="FRPH_OperatingCostsDepreciationDepletionAmortization" onclick="toggleNextSibling(this);">3,299</a><span style="display:none;white-space:normal;text-align:left;">FRPH_OperatingCostsDepreciationDepletionAmortization</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Operating expenses</a></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses" onclick="toggleNextSibling(this);">1,755</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses" onclick="toggleNextSibling(this);">1,487</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses" onclick="toggleNextSibling(this);">2,669</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses" onclick="toggleNextSibling(this);">2,395</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateTaxExpense', window );">Property taxes</a></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">1,234</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">879</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">2,329</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">1,719</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ServiceManagementCosts', window );">Management company indirect</a></td>
        <td class="nump"><a title="us-gaap_ServiceManagementCosts" onclick="toggleNextSibling(this);">442</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ServiceManagementCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_ServiceManagementCosts" onclick="toggleNextSibling(this);">403</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ServiceManagementCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_ServiceManagementCosts" onclick="toggleNextSibling(this);">794</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ServiceManagementCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_ServiceManagementCosts" onclick="toggleNextSibling(this);">784</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ServiceManagementCosts</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Corporate expenses</a></td>
        <td class="nump"><a title="us-gaap_CostOfServices" onclick="toggleNextSibling(this);">1,480</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfServices</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfServices" onclick="toggleNextSibling(this);">1,076</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfServices</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfServices" onclick="toggleNextSibling(this);">3,193</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfServices</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfServices" onclick="toggleNextSibling(this);">2,394</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfServices</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Total cost of operations</a></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">6,789</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">5,538</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">12,746</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingCostsAndExpenses" onclick="toggleNextSibling(this);">10,591</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingCostsAndExpenses</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Total operating profit</a></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">2,159</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">2,469</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">4,504</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">4,645</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest income</a></td>
        <td class="nump"><a title="us-gaap_InterestAndOtherIncome" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndOtherIncome</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestAndOtherIncome" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndOtherIncome</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestAndOtherIncome" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndOtherIncome</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestAndOtherIncome" onclick="toggleNextSibling(this);">1</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndOtherIncome</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(620)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(310)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(1,065)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="num"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">(599)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in loss of joint ventures</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(150)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(31)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(180)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(63)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">(Loss) Gain on investment land sold</a></td>
        <td class="num"><a title="us-gaap_GainLossOnSaleOfProperties" onclick="toggleNextSibling(this);">(3)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainLossOnSaleOfProperties</span><span></span></td>
        <td class="nump"><a title="us-gaap_GainLossOnSaleOfProperties" onclick="toggleNextSibling(this);">22</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainLossOnSaleOfProperties</span><span></span></td>
        <td class="num"><a title="us-gaap_GainLossOnSaleOfProperties" onclick="toggleNextSibling(this);">(20)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainLossOnSaleOfProperties</span><span></span></td>
        <td class="nump"><a title="us-gaap_GainLossOnSaleOfProperties" onclick="toggleNextSibling(this);">78</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainLossOnSaleOfProperties</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic', window );">Income from continuing operations before income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" onclick="toggleNextSibling(this);">1,386</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" onclick="toggleNextSibling(this);">2,150</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" onclick="toggleNextSibling(this);">3,239</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" onclick="toggleNextSibling(this);">4,062</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">541</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">838</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">1,263</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">1,584</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperations', window );">Income from continuing operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">845</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">1,312</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">1,976</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperations" onclick="toggleNextSibling(this);">2,478</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperations</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Gain from discontinued transportation operations, net of taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">516</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">392</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">2,179</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">1,566</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 1,361</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 1,704</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 4,155</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 4,044</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAbstract', window );"><strong>Basic earnings per common share</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare', window );">Income from continuing operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.09</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.20</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" onclick="toggleNextSibling(this);">$ 0.26</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare', window );">Discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.05</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.04</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.23</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" onclick="toggleNextSibling(this);">$ 0.16</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.18</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.43</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.42</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDilutedAbstract', window );"><strong>Diluted earnings per common share</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare', window );">Income from continuing operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.09</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.20</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.26</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare', window );">Discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.05</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.04</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.22</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" onclick="toggleNextSibling(this);">$ 0.16</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.18</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.42</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.42</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Number of shares (in thousands) used in computing:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">-basic earnings per common share</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,749</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,619</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,730</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">9,593</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">-diluted earnings per common share</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,818</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,707</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,813</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">9,690</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_OperatingCostsDepreciationDepletionAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_OperatingCostsDepreciationDepletionAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CostOfServices</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDilutedAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareDilutedAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfProperties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfProperties</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1,2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GrossProfit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 18<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4613673-111683<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 13<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Per diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 5<br><br><br><br> -Section E<br><br><br><br> -Paragraph Question 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph h<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestAndOtherIncome</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the cost of borrowed funds accounted for as interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpensesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesIncomeStatementLeaseRevenue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 720<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RealEstateTaxExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueMineralSales">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue from the sale of minerals and related products, and from rendering services such as exploration, development, mining, processing and providing mining support activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(a),(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RevenueMineralSales</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Revenues</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RevenuesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServiceManagementCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs related to delivering management services during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ServiceManagementCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TenantReimbursements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_TenantReimbursements</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock-Based Compensation Plans<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
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          <div>Mar. 31, 2015</div>
        </th>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><font style="font-family: Courier New, Courier, Monospace"><b>(7)</b></font><b>
<font style="font-family: Courier New, Courier, Monospace">Stock-Based Compensation Plans</font>. </b> <font style="font-family: Courier New, Courier, Monospace">As
more fully described in Note 7 to the Company&#146;s notes to the consolidated financial statements in the Company&#146;s Annual
Report on Form 10-K for the year ended September 30, 2014, the Company&#146;s stock-based compensation plan permits the grant
of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common
shares available for future issuance was 419,170 at March 31, 2015. </font></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">As a result of the Spin-off
and pursuant to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding
FRP stock options. All outstanding options held by the Company directors, Company officers and key employees on January 30,
2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the
market value of FRP less the when issued market value of the Company on that day. For FRP officers additional options were
issued rather than issuing Patriot options for the 24.86% market value attributed to Patriot. The adjusted stock options are
subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the
Spin-off, except as otherwise described above.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify">Subsequent to Spin-off, the realized
tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The realized tax benefit to the Company or
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granted but not yet vested as of March 31, 2015 was $823,000, which is expected to be recognized over a weighted-average period
of 3.6 years. Gains of $1,048,000 were realized by option holders during the six months ended March 31, 2015.</p>



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    <td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line">&#160;</td>
    <td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line">&#160;</td>
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    <td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line">&#160;</td>
    <td style="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&#160;</td>
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<p style="margin: 0pt"></p><span></span></td>
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        <td class="text"><p style="margin: 0pt"></p>

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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><b>(14) Discontinued operations. </b></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Effective January 30, 2015, we spun off our
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Patriot operations as discontinued operations for all periods presented. Shareholders&#146; equity was reduced by $34,241,000
due to this distribution on January 30, 2015. Comprehensive income of $40,000 was included in that amount.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><b>(10)</b> <b>Fair Value Measurements</b>.
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 that are unobservable and significant to the overall fair value measurement.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">As of March 31, 2015, the Company
had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. The fair value of all other financial
instruments with the exception of mortgage notes (see Note 5) approximates the carrying value due to the short-term nature of such
instruments. In addition, we believe the fair value of the amount outstanding pertaining to the revolver approximates the carrying
value as the related debt agreement reflects present market terms and contains certain interest rates that reset periodically based
on current market indices.</p>



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                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13537-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13433-108611<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13504-108611<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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        <th class="tl" colspan="1" rowspan="2">
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><b>(8)</b> <b>Contingent liabilities</b>.
Certain of the Company&#146;s subsidiaries are involved in litigation on matters and are subject to certain claims which arise
in the normal course of business. The Company is fully insured and does not retain any self-insurance risk with respect to losses
for third party liability and property damage.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">Preliminary
testing on the site of the Company's four phase master development known as Riverfront on the Anacostia in Washington,
D.C. indicated the presence of contaminated soils that will have to be specially handled upon excavation in conjunction
with construction of each phase. The Company previously agreed with our joint venture partner to bear the cost of handling
the contaminated materials up to a cap of $1.871 million. In connection with that agreement, the Company recorded an expense
in the fourth quarter of fiscal 2012 of $1.771 million for this environmental remediation liability. During the quarter,
the total cost of remediation on Phase I reached $2.024 million which is still within the projected budget for these
remediation expenses as determined by our development partner. As a result, the Company recorded an additional $100,000
expense in this second quarter of 2015 in the Land Development and Construction segment and incurred a loss of $140,000 in
equity in joint ventures as a result of our 77% pro rata share of these additional remediation costs incurred within the
joint venture.</font></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Company has no obligation to remediate
the contamination on Phases II, III and IV of the development until such time as it makes a commitment to commence construction
there. The Company's position is that the prior tenant on the property is contractually responsible for the cost of removal of
the contaminated materials and we are continuing to pursue this claim. The Company's actual expense to address this issue may be
materially<font style="font-size: 11pt"> </font>higher or lower than the expense previously recorded depending upon the actual
costs incurred and any reimbursement that we receive from the prior<font style="font-size: 11pt"> </font>tenant.</p>



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                <p>No authoritative reference available.</p>
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                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Concentrations<br></strong></div>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify"><b>(9)</b> <b>Concentrations</b>.
Our Land Development and Construction and our Asset Management segments operate predominately in the Baltimore/<font style="color: #333333">Northern
Virginia/</font>Washington DC<font style="color: #333333"> market</font> area and a significant economic downturn affecting that
region could adversely affect our financial results.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">Likewise, our Mining Royalty Land
segment generates the predominance of its revenue from mines in Florida and Georgia and is subject to the effects of economic downturns
and construction cycles in these markets. Additionally, this segment has one lessee that accounted for 63.9% of the segment&#146;s
revenues and $107,000 of accounts receivable at March 31, 2015. The termination of certain of this lessee&#146;s underlying leases
or non-performance under the leases could have a material adverse effect on the segment.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">The Company places its cash and
cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC insured limits.</p>



<p style="margin: 0pt"></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6327-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6404-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13531-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6351-108592<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13537-108611<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6442-108592<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Real Estate Held for Sale<br></strong></div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><b>(11) Real Estate Held for Sale</b>. The
Company and the buyer recently executed an amendment to extend the closing for the sale of phase two of the Windlass Run residential
sale from March 2015 to August 2015 and increased the sales price by $188,000, to $11,188,000, to compensate the Company for the
delay. Management believes this closing will occur on or before August 31, 2015. The book value of the property was $4,698,000
as of March 31, 2015 and is classified as real estate held for sale.</p>



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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EQVBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Business Segments - Business segments (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 8,948</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 8,007</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 17,250</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 15,236</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="nump"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">620</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">310</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">1,065</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">599</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateTaxExpense', window );">Capital expenditures - Real estate taxes</a></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">1,234</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">879</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">2,329</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense" onclick="toggleNextSibling(this);">1,719</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">3,851</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">3,384</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash items</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">717</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">717</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">1,074</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total identifiable net assets</a></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">252,085</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">252,085</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">313,071</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member', window );">Asset Management</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">7,330</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">6,580</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">14,087</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">12,340</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating profit</a></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">3,187</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">2,840</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">6,573</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">5,548</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Corporate expenses</a></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">(236)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">(178)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">(426)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">(356)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">620</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">310</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">1,065</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">599</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">1,776</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">1,619</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">3,562</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">3,151</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_IdentifiableAssets', window );">Identifiable net assets</a></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">152,222</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">152,222</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member]" onclick="toggleNextSibling(this);">144,420</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_AssetManagement1Member</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember', window );">Mining royalty land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">1,335</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">1,226</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">2,679</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">2,494</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating profit</a></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">1,191</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">1,068</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">2,391</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">2,196</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Corporate expenses</a></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">(250)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">(189)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">(451)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">(378)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease', window );">Capital expenditures</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">30</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">61</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">56</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_IdentifiableAssets', window );">Identifiable net assets</a></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">40,459</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">40,459</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember]" onclick="toggleNextSibling(this);">39,368</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_MiningPropertiesAndMineralRightsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember', window );">Land Development and Construction</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">283</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">201</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">484</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">402</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating profit</a></td>
        <td class="num"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(739)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(363)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(1,267)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(705)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Corporate expenses</a></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(140)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(105)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(251)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">(210)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">72</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">46</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">138</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">92</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_IdentifiableAssets', window );">Identifiable net assets</a></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">57,459</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">57,459</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember]" onclick="toggleNextSibling(this);">67,136</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_LandDevelopmentandConstructionMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember', window );">Combined Land Development and Construction and Asset Management</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease', window );">Capital expenditures</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">319</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">436</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">1,610</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">3,570</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestCostsCapitalized', window );">Capital expenditures - Capitalized interest</a></td>
        <td class="nump"><a title="us-gaap_InterestCostsCapitalized[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">248</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestCostsCapitalized<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestCostsCapitalized[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">477</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestCostsCapitalized<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestCostsCapitalized[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">569</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestCostsCapitalized<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestCostsCapitalized[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">993</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestCostsCapitalized<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OwnedPropertyManagementCosts', window );">Capital expenditures - Internal labor</a></td>
        <td class="nump"><a title="us-gaap_OwnedPropertyManagementCosts[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">85</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OwnedPropertyManagementCosts<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OwnedPropertyManagementCosts[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">100</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OwnedPropertyManagementCosts<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OwnedPropertyManagementCosts[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">184</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OwnedPropertyManagementCosts<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OwnedPropertyManagementCosts[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">195</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OwnedPropertyManagementCosts<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateTaxExpense', window );">Capital expenditures - Real estate taxes</a></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">39</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">16</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">66</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_RealEstateTaxExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember]" onclick="toggleNextSibling(this);">40</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RealEstateTaxExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember', window );">Corporate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Corporate expenses</a></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember]" onclick="toggleNextSibling(this);">(692)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_CorporateMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember]" onclick="toggleNextSibling(this);">(418)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_CorporateMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember]" onclick="toggleNextSibling(this);">(984)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_CorporateMember</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember]" onclick="toggleNextSibling(this);">(553)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_CorporateMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_IdentifiableAssets', window );">Identifiable net assets</a></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember]" onclick="toggleNextSibling(this);">1,228</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_CorporateMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember]" onclick="toggleNextSibling(this);">1,228</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_CorporateMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="FRPH_IdentifiableAssets[us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember]" onclick="toggleNextSibling(this);">1,608</a><span style="display:none;white-space:normal;text-align:left;">FRPH_IdentifiableAssets<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= us-gaap_CorporateMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember', window );">Total Segments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">8,948</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">8,007</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">17,250</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">15,236</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating profit</a></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">2,159</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">2,469</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">4,504</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">4,645</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_FRPH_UnallocatedtoDiscontinuedOps', window );">Unallocated to discontinued operations</a></td>
        <td class="num"><a title="FRPH_UnallocatedtoDiscontinuedOps[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">(162)</a><span style="display:none;white-space:normal;text-align:left;">FRPH_UnallocatedtoDiscontinuedOps<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="num"><a title="FRPH_UnallocatedtoDiscontinuedOps[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">(186)</a><span style="display:none;white-space:normal;text-align:left;">FRPH_UnallocatedtoDiscontinuedOps<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="num"><a title="FRPH_UnallocatedtoDiscontinuedOps[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">(1,081)</a><span style="display:none;white-space:normal;text-align:left;">FRPH_UnallocatedtoDiscontinuedOps<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="num"><a title="FRPH_UnallocatedtoDiscontinuedOps[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">(897)</a><span style="display:none;white-space:normal;text-align:left;">FRPH_UnallocatedtoDiscontinuedOps<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">620</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">310</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">1,065</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">599</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease', window );">Capital expenditures</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">691</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">1,029</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">2,429</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">4,798</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">$ 1,878</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">$ 1,693</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">$ 3,761</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember]" onclick="toggleNextSibling(this);">$ 3,299</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ us-gaap_StatementBusinessSegmentsAxis<br>= FRPH_TotalSegmentsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_IdentifiableAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Assets grouped by segment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_IdentifiableAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_UnallocatedtoDiscontinuedOps">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">FRPH_UnallocatedtoDiscontinuedOps</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>FRPH_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 12<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 18<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Assets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestCostsCapitalized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of interest capitalized during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Allowance for Funds Used during Construction<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6504829<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestCostsCapitalized</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the cost of borrowed funds accounted for as interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherGeneralAndAdministrativeExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OwnedPropertyManagementCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs related to management of owned properties during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OwnedPropertyManagementCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RealEstateTaxExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Revenues</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=FRPH_AssetManagement1Member</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=FRPH_CombinedLandDevelopmentandConstructionandAssetManagementMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=FRPH_TotalSegmentsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                    <td><strong> Period Type:</strong></td>
                    <td></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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<SEQUENCE>60
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  <head>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E3AAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Fair Value Measurements (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Assets measured at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring" onclick="toggleNextSibling(this);">$ 0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Liabilities measured at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureNonrecurring', window );">Assets measured at fair value on a non-recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureNonrecurring" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureNonrecurring</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureNonrecurring', window );">Liabilities measured at fair value on a non-recurring basis</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureNonrecurring" onclick="toggleNextSibling(this);">$ 0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureNonrecurring</span><span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosureNonrecurring">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value on a nonrecurring basis by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsFairValueDisclosureNonrecurring</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosureRecurring">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value on a recurring basis by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsFairValueDisclosureRecurring</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueDisclosuresAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregation of the liabilities reported on the balance sheet measured at fair value on a nonrecurring basis by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesFairValueDisclosureNonrecurring</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregation of the liabilities reported on the balance sheet measured at fair value on a recurring basis by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td style="white-space:nowrap;">us-gaap_LiabilitiesFairValueDisclosureRecurring</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EUYAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Cash Flows (Unaudited) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 4,155</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfitLoss" onclick="toggleNextSibling(this);">$ 4,044</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfitLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations, net</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">(2,179)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" onclick="toggleNextSibling(this);">(1,566)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">3,851</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">3,384</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes</a></td>
        <td class="nump"><a title="us-gaap_DeferredIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">1,583</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">372</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredIncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in loss of joint ventures</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">180</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">63</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss (Gain) on sale of equipment and property</a></td>
        <td class="nump"><a title="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" onclick="toggleNextSibling(this);">120</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" onclick="toggleNextSibling(this);">(74)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation</a></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpense" onclick="toggleNextSibling(this);">754</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpense" onclick="toggleNextSibling(this);">960</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpense</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>Net changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable" onclick="toggleNextSibling(this);">146</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable" onclick="toggleNextSibling(this);">1,516</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Deferred costs and other assets</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">(180)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">(102)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">(2,828)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">(2,139)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable', window );">Income taxes payable and receivable</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" onclick="toggleNextSibling(this);">(2,348)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" onclick="toggleNextSibling(this);">(1,379)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities', window );">Other long-term liabilities</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" onclick="toggleNextSibling(this);">33</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" onclick="toggleNextSibling(this);">50</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities of continuing operations</a></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" onclick="toggleNextSibling(this);">3,287</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" onclick="toggleNextSibling(this);">5,129</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations', window );">Net cash provided by operating activities of discontinued operations</a></td>
        <td class="nump"><a title="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" onclick="toggleNextSibling(this);">4,984</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" onclick="toggleNextSibling(this);">3,655</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">8,271</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">8,784</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Investments in property, plant and equipment</a></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(2,429)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(4,797)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Cash held in escrow</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInRestrictedCash" onclick="toggleNextSibling(this);">35</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInRestrictedCash</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInRestrictedCash" onclick="toggleNextSibling(this);">1,349</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInRestrictedCash</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInterestInJointVenture', window );">Investment in joint ventures</a></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquireInterestInJointVenture" onclick="toggleNextSibling(this);">(311)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquireInterestInJointVenture</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquireInterestInJointVenture" onclick="toggleNextSibling(this);">(210)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquireInterestInJointVenture</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from the sale of real estate held for investment, property, plant and equipment</a></td>
        <td class="nump"><a title="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">78</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investing activities of continuing operations</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" onclick="toggleNextSibling(this);">(2,705)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" onclick="toggleNextSibling(this);">(3,580)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations', window );">Net cash used in investing activities of discontinued operations</a></td>
        <td class="num"><a title="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" onclick="toggleNextSibling(this);">(2,694)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations</span><span></span></td>
        <td class="num"><a title="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" onclick="toggleNextSibling(this);">(15,346)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(5,399)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(18,926)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of long-term debt</a></td>
        <td class="num"><a title="us-gaap_RepaymentsOfLongTermDebt" onclick="toggleNextSibling(this);">(3,409)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLongTermDebt</span><span></span></td>
        <td class="num"><a title="us-gaap_RepaymentsOfLongTermDebt" onclick="toggleNextSibling(this);">(2,120)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLongTermDebt</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLinesOfCredit', window );">Proceeds from borrowing on revolving credit facility</a></td>
        <td class="nump"><a title="us-gaap_ProceedsFromLinesOfCredit" onclick="toggleNextSibling(this);">15,123</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromLinesOfCredit</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromLinesOfCredit" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromLinesOfCredit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLinesOfCredit', window );">Payment on revolving credit facility</a></td>
        <td class="num"><a title="us-gaap_RepaymentsOfLinesOfCredit" onclick="toggleNextSibling(this);">(14,182)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLinesOfCredit</span><span></span></td>
        <td class="nump"><a title="us-gaap_RepaymentsOfLinesOfCredit" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLinesOfCredit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities', window );">Excess tax benefits from exercises of stock options</a></td>
        <td class="nump"><a title="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" onclick="toggleNextSibling(this);">730</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities</span><span></span></td>
        <td class="nump"><a title="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" onclick="toggleNextSibling(this);">539</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions', window );">Exercise of employee stock options</a></td>
        <td class="nump"><a title="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" onclick="toggleNextSibling(this);">175</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" onclick="toggleNextSibling(this);">669</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash used in financing activities of continuing operations</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" onclick="toggleNextSibling(this);">(1,563)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" onclick="toggleNextSibling(this);">(912)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations', window );">Net cash (used in) provided by financing activities of discontinued operations</a></td>
        <td class="num"><a title="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" onclick="toggleNextSibling(this);">(1,631)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" onclick="toggleNextSibling(this);">11,684</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities" onclick="toggleNextSibling(this);">(3,194)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities" onclick="toggleNextSibling(this);">10,772</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) increase in cash and cash equivalents</a></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">(322)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">630</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">1,013</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">502</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents at end of the period</a></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">$ 691</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">$ 1,132</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 14.F)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (h)(1)(i)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 14<br><br><br><br> -Section F<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Cash</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 830<br><br><br><br> -SubTopic 230<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) of financing activities of discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) of investing activities of discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) of operating activities of discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph h<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Subsection 7<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11374-113907<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 13<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to taxing authorities for taxes that are based on the reporting entity's earnings, net of amounts receivable from taxing authorities for refunds of overpayments or recoveries of income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other noncurrent operating liabilities not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3179-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInRestrictedCash</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireInterestInJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquireInterestInJointVenture</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards, including stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph f<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromLinesOfCredit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3179-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br><br><br><br><br></p>
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                <p>Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph f<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br><br><br><br><br></p>
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                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br><br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long-Term Debt<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
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          <div>Mar. 31, 2015</div>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"><font style="font-family: Courier New, Courier, Monospace"><b>(5)</b>
<b>Long-Term debt</b></font><b>. </b><font style="font-family: Courier New, Courier, Monospace">Long-term debt is summarized as
follows (in thousands):</font></p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p>

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    <td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><font style="font: 11pt Courier New, Courier, Monospace">2015</font></td>
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    <td style="width: 62%; layout-grid-mode: line"><font style="font: 11pt Courier New, Courier, Monospace">Revolving credit (uncollateralized)</font></td>
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    <td style="layout-grid-mode: line">&#160;</td>
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    <td style="layout-grid-mode: line">&#160;</td>
    <td style="layout-grid-mode: line">&#160;</td>
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    <td style="layout-grid-mode: line">&#160;</td>
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    <td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><font style="font: 11pt Courier New, Courier, Monospace">4,049</font></td>
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    <td style="padding-bottom: 1pt; layout-grid-mode: line">&#160;</td>
    <td style="border-bottom: black 1pt solid; layout-grid-mode: line">&#160;</td>
    <td style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><font style="font: 11pt Courier New, Courier, Monospace">4,534</font></td>
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    <td style="padding-bottom: 2.5pt; layout-grid-mode: line">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><font style="font: 11pt Courier New, Courier, Monospace">49,439</font></td>
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    <td style="padding-bottom: 2.5pt; layout-grid-mode: line">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><font style="font: 11pt Courier New, Courier, Monospace">51,422</font></td>
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<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">On January 30, 2015, in connection
with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo Bank, N.A. in 2012 and
simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount of $20 million and
a $10 million sublimit available for standby letters of credit. At September 30, 2014, prior to the Spin-off, the total amount
outstanding on the credit facility was $17,645,000 of which the Company was allocated $10,363,000 and Patriot was allocated $7,282,000.&#160;
On the day of the spin-off the Company refinanced $10,483,000 into the Company&#146;s new credit facility and Patriot refinanced
$5,142,000 into Patriot&#146;s new credit facility. As of March 31, 2015, there was $11,304,000 outstanding on the Company&#146;s
new credit facility and $2,610,000 outstanding under letters of credit and $6,086,000 available for borrowing and the Company was
in compliance with all its loan covenants.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">In January 2015 the Company prepaid
the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest
expense. The remaining deferred loan costs of $15,000 were also included in interest expense.</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 12pt Courier New, Courier, Monospace; margin: 0 0.2pt 0 0; text-align: justify">The fair values of the Company&#146;s
mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
At March 31, 2015, the carrying amount and fair value of such long-term debt was $42,184,000 and $46,048,000, respectively.</p>



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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E3GAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Long-term debt (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2015</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Revolving credit</a></td>
        <td class="nump"><a title="us-gaap_LineOfCredit" onclick="toggleNextSibling(this);">$ 11,304</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit</span><span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCredit" onclick="toggleNextSibling(this);">$ 10,363</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">5.6% to 7.9% mortgage notes due in installments through 2027</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebt" onclick="toggleNextSibling(this);">42,184</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt</span><span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebt" onclick="toggleNextSibling(this);">45,593</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtLongtermAndShorttermCombinedAmount', window );">Total debt</a></td>
        <td class="nump"><a title="us-gaap_DebtLongtermAndShorttermCombinedAmount" onclick="toggleNextSibling(this);">53,488</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtLongtermAndShorttermCombinedAmount</span><span></span></td>
        <td class="nump"><a title="us-gaap_DebtLongtermAndShorttermCombinedAmount" onclick="toggleNextSibling(this);">55,956</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtLongtermAndShorttermCombinedAmount</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Less portion due within one year</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtCurrent" onclick="toggleNextSibling(this);">4,049</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebtCurrent" onclick="toggleNextSibling(this);">4,534</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtNoncurrent" onclick="toggleNextSibling(this);">$ 49,439</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebtNoncurrent" onclick="toggleNextSibling(this);">$ 51,422</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtNoncurrent</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtLongtermAndShorttermCombinedAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the aggregate of total long-term debt, including current maturities and short-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtLongtermAndShorttermCombinedAmount</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
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                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
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                    <td>instant</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ECCAE">
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          <div style="width: 200px;"><strong>Stock-Based Compensation Plans (Details Narrative) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
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        <th class="th" colspan="1">6 Months Ended</th>
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      <tr>
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          <div>Mar. 31, 2015

</div>
          <div>Years</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="FRPH_ReplacementOptionsWeight" onclick="toggleNextSibling(this);">75.14%</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ReplacementOptionsWeight</span><span></span></td>
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        <td class="nump"><a title="FRPH_ReplacementOptionsWeightPatriot" onclick="toggleNextSibling(this);">24.86%</a><span style="display:none;white-space:normal;text-align:left;">FRPH_ReplacementOptionsWeightPatriot</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Aggregate intrinsic value of exercisable in-the-money options</a></td>
        <td class="nump"><a title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" onclick="toggleNextSibling(this);">$ 3,083</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Aggregate intrinsic value of outstanding in-the-money options</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" onclick="toggleNextSibling(this);">4,917</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</span><span></span></td>
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        <td class="nump"><a title="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions" onclick="toggleNextSibling(this);">406</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Total unrecognized compensation cost of options granted but not yet vested</a></td>
        <td class="nump"><a title="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" onclick="toggleNextSibling(this);">823</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</span><span></span></td>
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        <td class="nump"><a title="FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2" onclick="toggleNextSibling(this);">3.6</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2</span><span></span></td>
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        <td class="nump"><a title="FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders" onclick="toggleNextSibling(this);">$ 1,048</a><span style="display:none;white-space:normal;text-align:left;">FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders</span><span></span></td>
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                <p>Unrecognized cost of unvested share-based compensation awards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <p>Disclosure of the aggregate tax benefit realized from the exercise of stock options and the conversion of similar instruments during the annual period.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <p>The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <p>Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.</p>
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                <p>Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <p>Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8721-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8813-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 22<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8736-108599<br><br><br><br></p>
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