<SEC-DOCUMENT>0000844059-17-000005.txt : 20170505
<SEC-HEADER>0000844059-17-000005.hdr.sgml : 20170505
<ACCEPTANCE-DATETIME>20170505122541
ACCESSION NUMBER:		0000844059-17-000005
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		53
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170505
DATE AS OF CHANGE:		20170505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRP HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000844059
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				472449198
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36769
		FILM NUMBER:		17817165

	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>frphmarq17.htm
<DESCRIPTION>FRPH FORM 10Q MARCH 2017
<TEXT>
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<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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(Mark One)</FONT></TD>
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><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, 2017</B></P></TD>
    <TD STYLE="width: 15%; font: 12pt Tahoma, Helvetica, Sans-Serif; 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>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>[&nbsp;&nbsp;]</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 Tahoma, Helvetica, Sans-Serif; 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>&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">(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="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 51%; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Florida</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: top; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR>
    <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">
        <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; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>32202</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: top; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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
(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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated&nbsp;filer [_]</FONT></TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated &nbsp;filer [x]</FONT></TD></TR>
<TR>
    <TD STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer [_] &nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company [_]</FONT></TD></TR>
<TR>
    <TD STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company [_] &nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.&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 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">Indicate the number of shares outstanding of each of the issuer&#8217;s
classes of common stock, as of the latest practicable date.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at March 31, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Common Stock, $.10 par value per share</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>
    <TD STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,941,098 shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD>&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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">QUARTER ENDED MARCH 31, 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">15</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">26</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">26</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">27</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">27</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">27</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">28</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">30</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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">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: Times New Roman, Times, Serif; font-size: 11pt">33</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Preliminary Note Regarding Forward-Looking
Statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 12pt 0; text-align: justify">This Transition Report on Form
10-Q, together with other statements and information publicly disseminated by us, contains &#8220;forward-looking statements&#8221;
within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange
Act of 1934, as amended. 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. Such statements reflect
management&#8217;s current views with respect to financial results related to future events and are based on assumptions and expectations
that may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy
and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ, perhaps
materially, from the results discussed in the forward-looking statements. Risk factors discussed in Item&nbsp;1A of this Form 10-Q
and other factors that might cause differences, some of which could be material, include, but are not limited to, levels of construction
activity in the markets served by our mining properties, demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern
Virginia area, our ability to obtain zoning and entitlements necessary for property development, the impact of lending and capital
market conditions on our liquidity, our ability to finance projects or repay our debt, general real estate investment and development
risks, vacancies in our properties, risks associated with developing and managing properties in partnership with others, competition,
our ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, bankruptcy or defaults
of tenants, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, environmental
liabilities, inflation risks, cybersecurity risks, as well as other risks listed from time to time in our SEC filings, including
but not limited to, our annual and quarterly reports. In addition, if we elect REIT status these risk factors also would include
our ability to qualify or to remain qualified as a REIT, our ability to satisfy REIT distribution requirements, the impact of issuing
equity, debt or both, and selling assets to satisfy our future distributions required as a REIT or to fund capital expenditures,
future growth and expansion initiatives, the impact of the amount and timing of any future distributions, the impact from complying
with REIT qualification requirements limiting our flexibility or causing us to forego otherwise attractive opportunities, our lack
of experience operating as a REIT, legislative, administrative, regulatory or other actions affecting REITs, including positions
taken by the Internal Revenue Service, the possibility that our Board of Directors will unilaterally revoke our REIT election,
the possibility that the anticipated benefits of qualifying as a REIT will not be realized, or will not be realized within the
expected time period, We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as
a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL
STATEMENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FRP HOLDINGS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Unaudited) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In thousands, except share data)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</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-family: Times New Roman, Times, Serif; font-size: 10pt">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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,417</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-family: Times New Roman, Times, Serif; font-size: 10pt">99,417</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">196,821</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-family: Times New Roman, Times, Serif; font-size: 10pt">195,443</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">14,100</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-family: Times New Roman, Times, Serif; font-size: 10pt">11,779</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">310,338</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-family: Times New Roman, Times, Serif; font-size: 10pt">306,639</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">84,109</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-family: Times New Roman, Times, Serif; font-size: 10pt">82,392</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">226,229</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-family: Times New Roman, Times, Serif; font-size: 10pt">224,247</FONT></TD>
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">7,176</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-family: Times New Roman, Times, Serif; font-size: 10pt">7,176</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Investments 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-family: Times New Roman, Times, Serif; font-size: 10pt">22,232</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-family: Times New Roman, Times, Serif; font-size: 10pt">22,901</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">255,637</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-family: Times New Roman, Times, Serif; font-size: 10pt">254,324</FONT></TD>
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts 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-family: Times New Roman, Times, Serif; font-size: 10pt">586</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-family: Times New Roman, Times, Serif; font-size: 10pt">710</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal and state income taxes receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,608</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrealized rents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,412</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,562</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">5,989</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-family: Times New Roman, Times, Serif; font-size: 10pt">6,786</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">178</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">269,517</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-family: Times New Roman, Times, Serif; font-size: 10pt">266,560</FONT></TD>
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lines of credit payable</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,765</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-family: Times New Roman, Times, Serif; font-size: 10pt">6,665</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">4,599</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-family: Times New Roman, Times, Serif; font-size: 10pt">4,526</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured notes payable, less current portion</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,385</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-family: Times New Roman, Times, Serif; font-size: 10pt">29,554</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">4,000</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-family: Times New Roman, Times, Serif; font-size: 10pt">3,747</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental remediation liability</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,037</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,037</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank overdraft</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">254</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">887</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">648</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,126</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">19,547</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-family: Times New Roman, Times, Serif; font-size: 10pt">16,455</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred compensation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,484</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,475</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">5</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-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">955</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-family: Times New Roman, Times, Serif; font-size: 10pt">1,005</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">68,425</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-family: Times New Roman, Times, Serif; font-size: 10pt">67,740</FONT></TD>
    <TD COLSPAN="2" 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 COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">&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 COLSPAN="2" 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 COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Common stock, $.10 par value</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">25,000,000 shares authorized,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9,941,098 and 9,914,054 shares issued</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">994</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-family: Times New Roman, Times, Serif; font-size: 10pt">991</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">53,536</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-family: Times New Roman, Times, Serif; font-size: 10pt">52,647</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">146,548</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-family: Times New Roman, Times, Serif; font-size: 10pt">145,168</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive income, 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-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">201,092</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-family: Times New Roman, Times, Serif; font-size: 10pt">198,820</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">269,517</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-family: Times New Roman, Times, Serif; font-size: 10pt">266,560</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&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 STYLE="width: 6px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0"><FONT STYLE="font-weight: normal">See accompanying notes.<BR CLEAR="ALL">
</FONT></P>


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<P STYLE="font: bold 11pt Courier New, Courier, Monospace; margin: 0 13.5pt 0 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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-family: Times New Roman, Times, Serif; font-size: 11pt">THREE MONTHS ENDED</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 COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MARCH 31,</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="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-family: Times New Roman, Times, Serif; font-size: 11pt">2017</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-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Revenues:</B></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: 11%; layout-grid-mode: line; text-align: right">&nbsp;</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: 11%; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,283</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-family: Times New Roman, Times, Serif; font-size: 11pt">6,089</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining 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-family: Times New Roman, Times, Serif; font-size: 11pt">1,739</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,756</FONT></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="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue &#8211; 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-family: Times New Roman, Times, Serif; font-size: 11pt">1,300</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,770</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">&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-family: Times New Roman, Times, Serif; font-size: 11pt">9,322</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-family: Times New Roman, Times, Serif; font-size: 11pt">9,615</FONT></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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization</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: Times New Roman, Times, Serif; font-size: 11pt">2,059</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,929</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&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-family: Times New Roman, Times, Serif; font-size: 11pt">1,001</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,531</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&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-family: Times New Roman, Times, Serif; font-size: 11pt">1,062</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,142</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">496</FONT></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="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate expenses (Note 4 Related Party)</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,327</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,008</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">5,918</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-family: Times New Roman, Times, Serif; font-size: 11pt">6,106</FONT></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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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-family: Times New Roman, Times, Serif; font-size: 11pt">3,404</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-family: Times New Roman, Times, Serif; font-size: 11pt">3,509</FONT></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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">(248</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">(415</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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-family: Times New Roman, Times, Serif; font-size: 11pt">Equity in loss of joint ventures</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">(771</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">(86</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Income before 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-family: Times New Roman, Times, Serif; font-size: 11pt">2,385</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-family: Times New Roman, Times, Serif; font-size: 11pt">3,009</FONT></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="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">942</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,189</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD></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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,443</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,820</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></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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Comprehensive 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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,443</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,820</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-align: right">&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-family: Times New Roman, Times, Serif; font-size: 11pt"><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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.15</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-family: Times New Roman, Times, Serif; font-size: 11pt">0.18</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">0.18</FONT></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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of shares (in thousands) 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&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-family: Times New Roman, Times, Serif; font-size: 11pt">9,931</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-family: Times New Roman, Times, Serif; font-size: 11pt">9,853</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&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-family: Times New Roman, Times, Serif; font-size: 11pt">10,001</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-family: Times New Roman, Times, Serif; font-size: 11pt">9,893</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 22.1pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0">See accompanying notes.</P>


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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 9pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: center"><B>FRP HOLDINGS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 22.5pt 0 0; text-align: center">CONSOLIDATED STATEMENTS OF CASH
FLOWS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 22.5pt 0 0; text-align: center; text-indent: 0.25in">THREE MONTHS
ENDED MARCH 31, 2017 AND 2016</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</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-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Net income</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 12%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,443</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-family: Times New Roman, Times, Serif; font-size: 10pt">1,820</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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">2,136</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-family: Times New Roman, Times, Serif; font-size: 10pt">1,998</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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">3,092</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-family: Times New Roman, Times, Serif; font-size: 10pt">(599</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">771</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-family: Times New Roman, Times, Serif; font-size: 10pt">86</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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 10pt">(1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">522</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-family: Times New Roman, Times, Serif; font-size: 10pt">443</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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">124</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-family: Times New Roman, Times, Serif; font-size: 10pt">(242</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">559</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-family: Times New Roman, Times, Serif; font-size: 10pt">228</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">(225</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: Times New Roman, Times, Serif; font-size: 10pt">(227</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">(3,495</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: Times New Roman, Times, Serif; font-size: 10pt">(251</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;(45</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;34</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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">4,882</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-family: Times New Roman, Times, Serif; font-size: 10pt">3,289</FONT></TD>
    <TD>&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Investments in properties</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,729</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: Times New Roman, Times, Serif; font-size: 10pt">(956</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Investments 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-family: Times New Roman, Times, Serif; font-size: 10pt">(104</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: Times New Roman, Times, Serif; font-size: 10pt">(145</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Cash held in escrow </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash used in investing activities</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,833</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,102</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Increase (decrease) in bank overdrafts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(254</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">549</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">(1,096</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: Times New Roman, Times, Serif; font-size: 10pt">(1,036</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">6,007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,222</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Payment on revolving credit facility</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,907</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,106</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Repurchase of company stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(74</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 10pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">381</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-family: Times New Roman, Times, Serif; font-size: 10pt">184</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-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash used in 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-family: Times New Roman, Times, Serif; font-size: 10pt">(943</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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-family: Times New Roman, Times, Serif; font-size: 10pt">(2,187</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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-family: Times New Roman, Times, Serif; font-size: 10pt">Net 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-family: Times New Roman, Times, Serif; font-size: 10pt">106</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9pt 0 0">See accompanying notes.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 22.5pt 0 0; text-align: center"><B>FRP HOLDINGS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: center"><B>CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: center"><B>MARCH 31, 2017</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: center">(Unaudited)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(1) Description of Business and Basis of
Presentation. </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FRP Holdings, Inc. (&#8220;FRP&#8221; or the
&#8220;Company&#8221;) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership,
leasing and management, (ii) mining royalty land ownership and leasing and (iii) land acquisition, entitlement and development
primarily for future warehouse/office or residential building construction.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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;). Our
investment in the Brooksville joint venture, BC FRP Realty joint venture and Riverfront Investment Partners I, LLC are accounted
for under the equity method of accounting (See Note 12). These statements have been prepared in accordance with accounting principles
generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not
include all the information and footnotes required by accounting principles generally accepted in the United States of America
for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals)
considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the
three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December
31, 2017. 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,
2016.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 19, 2016, the Executive Committee
of the Board of Directors approved the change in the Company&#8217;s fiscal year end from September 30 to December 31. The quarter
ended December 31, 2016 was a transition period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(2) Recently Issued Accounting Standards.
</B>In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases&#8221;, which requires lessees to recognize a right-to-use
asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset
and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant
judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent
to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2020
and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the
standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact
on its financial statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU No. 2017-01,
&#8220;Business Combinations (Topic 805): Clarifying the Definition of a Business&#8221;, to clarify the definition of a business
with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions
of assets or businesses. To be considered a business, an acquisition would have to include an input and a substantive process that
together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input
and a substantive process are present. To be a business without outputs, there will now need to be an organized workforce. ASU
2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset
(or a group of similar assets), the assets acquired would not represent a business. The amendments in the update are effective
for the Company&#8217;s financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within
those years. Early adoption is permitted. The Company is currently evaluating the amendments from this Update, but expects it to
change the treatment of building acquisitions from being considered a business to being considered an asset. This change will result
in acquisition costs being capitalized as part of the asset acquisition, whereas current treatment has them recognized in earnings
in the period incurred.</P>

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


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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(3) Business Segments.</B> The
Company is reporting its financial performance based on three reportable segments, Asset Management, Mining Royalty Lands and Land
Development and Construction, as described below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The Asset Management segment owns,
leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 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 (this does not
include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials).&nbsp; Other than one location in Virginia,
all of these properties are located in Florida and Georgia.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; 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, or joint venture with, third parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">Operating results and certain other
financial data for the Company&#8217;s business segments are as follows (in thousands):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Three Months ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 31,</FONT></TD></TR>
<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-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Revenues:</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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Asset management</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7,285</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-family: Times New Roman, Times, Serif; font-size: 11pt">7,574</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Mining royalty lands</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,762</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,778</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Land development and construction</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-family: Times New Roman, Times, Serif; font-size: 11pt">275</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; 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-family: Times New Roman, Times, Serif; font-size: 11pt">263</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9,322</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="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-family: Times New Roman, Times, Serif; font-size: 11pt">9,615</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&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">&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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Operating profit:</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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;Before corporate expenses:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Asset management</P></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,501</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-family: Times New Roman, Times, Serif; font-size: 11pt">3,423</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;Mining royalty lands</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,625</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,649</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;Land development and construction</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(395</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">(555</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Corporate expenses:</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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Allocated to asset management</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(753</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">(520</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Allocated to mining royalty</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(66</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">(75</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Allocated to land development and construction</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-family: Times New Roman, Times, Serif; font-size: 11pt">(508</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">)</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">(413</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<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: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1,327</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">(1,008</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,404</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="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-family: Times New Roman, Times, Serif; font-size: 11pt">3,509</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest expense:</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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 13.5pt; layout-grid-mode: line; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Asset management</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">248</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">415</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Depreciation, depletion and amortization:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Asset management</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,965</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,835</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Mining royalty lands</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39</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-family: Times New Roman, Times, Serif; font-size: 11pt">31</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Land development and construction</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-family: Times New Roman, Times, Serif; font-size: 11pt">55</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; 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-family: Times New Roman, Times, Serif; font-size: 11pt">63</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,059</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="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-family: Times New Roman, Times, Serif; font-size: 11pt">1,929</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&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">&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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Capital expenditures:</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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Asset management</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,259</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-family: Times New Roman, Times, Serif; font-size: 11pt">473</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Mining royalty lands</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">4</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Land development and construction</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,470</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-family: Times New Roman, Times, Serif; font-size: 11pt">479</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,729</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="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-family: Times New Roman, Times, Serif; font-size: 11pt">956</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</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 Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; 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="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD 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="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; 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: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;March 31,</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <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: Times New Roman, Times, Serif; font-size: 11pt">December 31,</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Identifiable net assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; 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="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD 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="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Asset management</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">168,339</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-family: Times New Roman, Times, Serif; font-size: 11pt">169,736</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mining royalty lands</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39,087</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-family: Times New Roman, Times, Serif; font-size: 11pt">39,259</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Land development and construction</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">58,901</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-family: Times New Roman, Times, Serif; font-size: 11pt">57,126</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cash items</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">106</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unallocated corporate assets</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-family: Times New Roman, Times, Serif; font-size: 11pt">3,084</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-family: Times New Roman, Times, Serif; font-size: 11pt">439</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">269,517</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-family: Times New Roman, Times, Serif; font-size: 11pt">266,560</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(4) Related Party Transactions.
</B>The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation
Holding, Inc. (Patriot). The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain services
that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective
companies amended and extended this agreement for one year effective April 1, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The consolidated statements of income
reflect charges and/or allocation from Patriot for these services of $557,000 and $406,000 for the three months ended March 31,
2017 and 2016, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation
expense. These charges are reflected as part of corporate expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">To determine these allocations between
FRP and Patriot as set forth in the Transition Services Agreement, 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: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(5) Long-Term Debt. </B>Long-term
debt is summarized as follows (in thousands):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">December 31,</FONT></TD></TR>
<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="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</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-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Revolving credit (uncollateralized)</FONT></TD>
    <TD STYLE="width: 4%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 11%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,765</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 4%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 11%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,665</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-family: Times New Roman, Times, Serif; font-size: 11pt">5.6% to 7.9% mortgage notes</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="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;due in installments through 2027</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-family: Times New Roman, Times, Serif; font-size: 11pt">32,984</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-family: Times New Roman, Times, Serif; font-size: 11pt">34,080</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39,749</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-family: Times New Roman, Times, Serif; font-size: 11pt">40,745</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-family: Times New Roman, Times, Serif; font-size: 11pt">Less portion due within one year</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-family: Times New Roman, Times, Serif; font-size: 11pt">4,599</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-family: Times New Roman, Times, Serif; font-size: 11pt">4,526</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">&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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">35,150</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-family: Times New Roman, Times, Serif; font-size: 11pt">36,219</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">On January 30, 2015, the Company
entered into a 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. As of March 31, 2017, there was $5,799,000 outstanding on the revolver, $2,263,000 outstanding under
letters of credit and $11,938,000 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, 2017, the tangible net worth covenant would have limited our ability
to pay dividends or repurchase stock with borrowed funds to a maximum of $75.5 million combined. The Company was in compliance
with all covenants as of March 31, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">On July 24, 2015 the Company closed
on a five year, $20 million secured revolver with First Tennessee Bank with a twenty-four month window to convert up to the full
amount of the facility into a ten year term loan. Interest accrues at 1.90% over one month LIBOR plus an annual commitment fee
of 0.10%. As of March 31, 2017, there was $966,000 outstanding on the revolver and $19,034,000 available for borrowing. The Company
expects to close on a second facility with First Tennessee Bank with a $20 million ten year term loan secured by to-be-determined
collateral from our current pool of unencumbered warehouse/office properties during 2017. 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: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">During the three months ended March
31, 2017 and March 31, 2016 the Company capitalized interest costs of $370,000 and $242,000, respectively.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(6) Earnings per Share. </B>The
following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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-family: Times New Roman, Times, Serif; font-size: 11pt">Three 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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">2017</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-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Weighted average common shares outstanding</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;during the period &#8211; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;earnings per common share</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 13%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9,931</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: 13%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9,853</FONT></TD>
    <TD STYLE="width: 1%; 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: 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-family: Times New Roman, Times, Serif; font-size: 11pt">Common shares issuable under share based</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="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;payment plans 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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">40</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; 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-family: Times New Roman, Times, Serif; font-size: 11pt">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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&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-family: Times New Roman, Times, Serif; font-size: 11pt">10,001</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-family: Times New Roman, Times, Serif; font-size: 11pt">9,893</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; 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-family: Times New Roman, Times, Serif; font-size: 11pt">Net income</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,443</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,820</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; 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-family: Times New Roman, Times, Serif; font-size: 11pt">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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Basic</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.15</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-family: Times New Roman, Times, Serif; font-size: 11pt">0.18</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; 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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Diluted</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-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-family: Times New Roman, Times, Serif; font-size: 11pt">0.18</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">&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>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For the three months ended March 31,
2017 and 2016, 23,958 and 72,090 shares attributable to outstanding stock options were excluded from the calculation of diluted
earnings per share because their inclusion would have been anti-dilutive.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>(7) Stock-Based Compensation Plans.
</B>The Company' has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which
options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock
options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under
the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock
based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative
installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues
new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for
future issuance was 569,917 at March 31, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The Company utilizes the Black-Scholes
valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated
based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 35% and 46%, risk-free
interest rate of .3% to 4.2% and expected life of .25 to 7.0 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The dividend yield of zero is based
on the fact that the Company does not pay cash dividends and has no present</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">intention to pay cash dividends.
Expected volatility is estimated based on the Company&#8217;s historical experience over a period equivalent to the expected life
in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a
term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected
time to exercise options by the employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">As previously disclosed, Thompson
S. Baker II resigned from his position as CEO and from the board of directors on March 13. 2017. In recognition of his outstanding
service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which will expire 90
days following the termination of his employment. The vesting of Mr. Baker&#8217;s outstanding FRP options that were issued prior
to the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this
cost under the transition services agreement. The vesting of Mr. Baker&#8217;s outstanding FRP options that were issued subsequent
to the spin-off required modified stock compensation expense of $41,000.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The Company recorded the following
stock compensation expense in its consolidated statement of income (in thousands):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Three Months ended</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<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="6" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">March 31,</FONT></TD>
    <TD COLSPAN="2" 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="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2017</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT></TD>
    <TD COLSPAN="2" 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-family: Times New Roman, Times, Serif">Stock option grants</FONT></TD>
    <TD STYLE="width: 12%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 8%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">77</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 12%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&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-family: Times New Roman, Times, Serif">Annual director stock award</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-family: Times New Roman, Times, Serif">445</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-family: Times New Roman, Times, Serif">412</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="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">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">522</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; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">443</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="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 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: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <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="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Weighted</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Weighted</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Weighted</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Number</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Average</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Average</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Average</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Of</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exercise</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Remaining</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Grant Date</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Options</U></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Shares</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Term (yrs)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fair Value(000's)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Outstanding at</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; 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 COLSPAN="2" 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="border-top: Black 1pt solid; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;January 1, 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">236,385</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,440</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,555</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">37.55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">75</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Modification</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">30.21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(137</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(18,561</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20.48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(163</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Outstanding at</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;March 31, 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">222,379</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">26.00</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,215</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exercisable at</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 COLSPAN="2" 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 COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;March 31, 2017</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">180,089</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="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24.79</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.7</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,631</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vested during</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 COLSPAN="2" 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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;three months ended</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 COLSPAN="2" 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 COLSPAN="2" 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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;March 31, 2017</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">26,839</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="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; 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="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">223</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 221px">&nbsp;</TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="width: 86px">&nbsp;</TD>
    <TD STYLE="width: 9px">&nbsp;</TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="width: 17px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 5px">&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 88px">&nbsp;</TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 151px">&nbsp;</TD>
    <TD STYLE="width: 5px">&nbsp;</TD>
    <TD STYLE="width: 5px">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The aggregate intrinsic value of
exercisable in-the-money options was $2,739,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,113,000
based on the market closing price of $40.00 on March 31, 2017 less exercise prices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of March 31, 2017 was $409,000, which is expected to be recognized over
a weighted-average period of 3.9 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">Gains of $358,000 were realized by
option holders during the three months ended March 31, 2017. Patriot realized the tax benefits because these options were exercised
by Patriot employees for options granted prior to the spin-off.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(8) Contingent Liabilities.</B>
Certain of the Company&#8217;s subsidiaries are involved in litigation on a number of matters and are subject to certain claims
which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for
third party liability and property damage. The liability at any point in time depends upon the relative ages and amounts of the
individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the
Company&#8217;s consolidated financial condition, results of operations or cash flows.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">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 material that will have to be specially handled upon excavation in conjunction with construction. The Company has
agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development
up to a cap of $1.871 million. <FONT STYLE="font-weight: normal">As of September 30, 2016, the excavation and foundation work for
Phase 1 were substantially complete; thus, the bulk of the remediation expenses have been incurred. Management believes the total
cost for remediation on Phase 1 will end up at approximately $1.9 million. </FONT>During the quarter ending December 31, 2015,
management successfully completed negotiations and entered into a $3,000,000 settlement of environmental claims on all four phases
against our former tenant at the Riverfront on the Anacostia property and continues to pursue settlement negotiations with other
potentially responsible parties. The Company executed a letter of intent with MRP Realty in May 2016 to develop Phase II of the
Riverfront on the Anacostia project and recorded an estimated environmental remediation expense of $2.0 million for the Company&#8217;s
estimated liability under the proposed agreement. The Company has no obligation to remediate this contamination on Phases III and
IV of the development until such time as it makes a commitment to commence construction on each phase. The Company's actual expense
to address this issue may be materially higher or lower than the expense previously recorded depending upon the actual costs incurred
and any reimbursement that we receive from the prior tenant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(9) Concentrations</B>.&nbsp;
With the completion and occupancy of the 3rd build to suit for the same tenant at Patriot Business Park in the first quarter of
fiscal 2015 this particular tenant accounted for 11% of the Company&#8217;s consolidated revenues during the quarter ending March
31, 2017.&nbsp; The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee
that accounted for 13.7% of the Company&#8217;s consolidated revenues during the quarter ending March 31, 2017 and $130,124 of
accounts receivable at March 31, 2017.&nbsp; The termination of these lessees&#8217; underlying leases could have a material adverse
effect on the Company. The Company places its cash and cash equivalents with Tennessee Bank.&nbsp; At times, such amounts may exceed
FDIC limits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(10) 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 are those that are unobservable and significant to the overall fair value measurement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">As of March 31, 2017 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At March 31, 2017 and 2016, the carrying
amount reported in the consolidated balance sheets for cash and cash equivalents, short-term notes payable and revolving credit
approximate their fair value based upon the short-term nature of these items.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The fair values of the Company&#8217;s
other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
At March 31, 2017, the carrying amount and fair value of such other long-term debt was $39,749,000 and $42,823,000, respectively.
At December 31, 2016, the carrying amount and fair value of such other long-term debt was $40,745,000 and $43,747,000, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>(11) Investments in Joint Ventures.
</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><I>RiverFront. </I>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</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">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 for a 77.14% stake in the venture. MRP contributed capital of $5,553,000 to
the joint venture including development costs paid prior to formation of the joint venture. 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. At the time of these financings, RiverFront Holdings I, LLC. was formed as a parent to RiverFront Investment
Partners I, LLC with EB5 as an equity partner in Riverfront Holdings I, LLC. Construction commenced in October 2014, first occupancy
was in August 2016 and the Company anticipates lease up to occur during all of 2017. The joint venture intends to refinance the
construction loan before the initial maturity date of August 7, 2018. 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. The company and MRP Realty executed a letter of intent in May 2016 and a
Contribution Agreement in February 2017 to develop Phase II but the joint venture is not yet formed. Other income for the three
months ended March 31, 2017 includes a loss of $762,000 representing the Company&#8217;s portion of the loss of this joint venture.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Brooksville. </I>In 2006, the Company entered
into a Joint Venture Agreement with 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. Distributions will be made on a 50-50 basis except for royalties and depletion specifically
allocated to the Company. Other income for the three months ended March 31, 2017 includes a loss of $9,000 representing the Company&#8217;s
portion of the loss of this joint venture.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>BC FRP Realty (Windlass Run).</I> During
the quarter ending March 2016, we entered into an agreement with a Baltimore development company (St. John Properties, Inc.) to
jointly develop the remaining lands of our Windlass Run Business Park. The 50/50 partnership initially calls for FRP to combine
its 25 acres (valued at $7,500,000) with St. John Properties&#8217; adjacent 10 acres fronting on a major state highway (valued
at $3,239,536) which resulted in an initial cash distribution of $2,130,232 to FRP in May, 2016. Thereafter, the venture will jointly
develop the combined properties into a multi-building business park to consist of approximately 329,000 square feet of single story
office space.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; 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">&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">&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: 13%; layout-grid-mode: line; text-align: right">&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">&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: 13%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The</FONT></TD>
    <TD STYLE="width: 1%; 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">&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>
    <TD STYLE="layout-grid-mode: line">&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Company's</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">&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total Assets</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-family: Times New Roman, Times, Serif; font-size: 11pt">Net Loss</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-family: Times New Roman, Times, Serif; font-size: 11pt">Share of Net</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">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total</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-family: Times New Roman, Times, Serif; font-size: 11pt">of the</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-family: Times New Roman, Times, Serif; font-size: 11pt">of the</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-family: Times New Roman, Times, Serif; font-size: 11pt">Loss of the</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ownership</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-family: Times New Roman, Times, Serif; font-size: 11pt">Investment</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-family: Times New Roman, Times, Serif; font-size: 11pt">Partnership</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-family: Times New Roman, Times, Serif; font-size: 11pt">Partnership</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-family: Times New Roman, Times, Serif; font-size: 11pt">Partnership</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; 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; 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; 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-family: Times New Roman, Times, Serif; font-size: 11pt">As of March 31, 2017 </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; 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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RiverFront Holdings I, LLC</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">77.14</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,379</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: Times New Roman, Times, Serif; font-size: 11pt">$91,753&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;(987</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;(762</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Brooksville Quarry, LLC</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">50.00</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7,512</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: Times New Roman, Times, Serif; font-size: 11pt">14,343</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: Times New Roman, Times, Serif; font-size: 11pt">(18</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(9</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">BC FRP Realty, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">50.00</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5,341</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,935</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;Total</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;22,232</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: Times New Roman, Times, Serif; font-size: 11pt">$ 117,031</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: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;(1,005</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;(771</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">As of December 31, 2016 </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; 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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RiverFront Holdings I, LLC</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">77.14</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,151</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$90,420&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;(1,446</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;(1,115</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Brooksville Quarry, LLC</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">50.00</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7,522</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: Times New Roman, Times, Serif; font-size: 11pt">14,341</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: Times New Roman, Times, Serif; font-size: 11pt">(8</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">BC FRP Realty, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">50.00</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5,228</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,784</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;Total</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;22,901</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: Times New Roman, Times, Serif; font-size: 11pt">$ 115,545</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;(1,454</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$&nbsp;&nbsp;(1,119</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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-family: Times New Roman, Times, Serif; font-size: 11pt">As of March 31, 2017</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Riverfront</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Brooksville</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">BCF FRP</FONT></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="layout-grid-mode: line">&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-family: Times New Roman, Times, Serif; font-size: 11pt">Holdings I, LLC</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-family: Times New Roman, Times, Serif; font-size: 11pt">Quarry, LLC</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-family: Times New Roman, Times, Serif; font-size: 11pt">Realty, LLC</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-family: Times New Roman, Times, Serif; font-size: 11pt">Total</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">&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>
    <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: 48%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investments in real estate, net</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">89,971</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14,310</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,920</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">115,201</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-family: Times New Roman, Times, Serif; font-size: 11pt">Cash</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,457</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-family: Times New Roman, Times, Serif; font-size: 11pt">24</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-family: Times New Roman, Times, Serif; font-size: 11pt">15</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,496</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">133</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">133</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-family: Times New Roman, Times, Serif; font-size: 11pt">Accounts receivable</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">32</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-family: Times New Roman, Times, Serif; font-size: 11pt">4</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">36</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-family: Times New Roman, Times, Serif; font-size: 11pt">Prepaid 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-family: Times New Roman, Times, Serif; font-size: 11pt">160</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-family: Times New Roman, Times, Serif; font-size: 11pt">5</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">165</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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">91,753</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14,343</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,935</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">117,031</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>&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>&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>&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>&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-family: Times New Roman, Times, Serif; font-size: 11pt">Long-term Debt</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">76,626</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">76,626</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-family: Times New Roman, Times, Serif; font-size: 11pt">Amortizable debt 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-family: Times New Roman, Times, Serif; font-size: 11pt">(955</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">(955</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,049</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,127</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">9,379</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-family: Times New Roman, Times, Serif; font-size: 11pt">7,512</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-family: Times New Roman, Times, Serif; font-size: 11pt">5,341</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-family: Times New Roman, Times, Serif; font-size: 11pt">22,232</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">4,654</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-family: Times New Roman, Times, Serif; font-size: 11pt">6,808</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-family: Times New Roman, Times, Serif; font-size: 11pt">5,539</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-family: Times New Roman, Times, Serif; font-size: 11pt">17,001</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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">91,753</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14,343</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,935</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">117,031</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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-family: Times New Roman, Times, Serif; font-size: 11pt">As of December 31, 2016</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Riverfront</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Brooksville</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">BCF FRP</FONT></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="layout-grid-mode: line">&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-family: Times New Roman, Times, Serif; font-size: 11pt">Holdings I, LLC</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-family: Times New Roman, Times, Serif; font-size: 11pt">Quarry, LLC</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-family: Times New Roman, Times, Serif; font-size: 11pt">Realty, LLC</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-family: Times New Roman, Times, Serif; font-size: 11pt">Total</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">&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>
    <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: 47%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cash</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,023</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">18</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">21</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,062</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">88</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">88</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">89,309</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-family: Times New Roman, Times, Serif; font-size: 11pt">14,323</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-family: Times New Roman, Times, Serif; font-size: 11pt">10,763</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-family: Times New Roman, Times, Serif; font-size: 11pt">114,395</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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">90,420</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14,341</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,784</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">115,545</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>&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>&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>&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>&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-family: Times New Roman, Times, Serif; font-size: 11pt">Other Liabilities</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,348</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">47</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,396</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-family: Times New Roman, Times, Serif; font-size: 11pt">Long-term Debt</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: Times New Roman, Times, Serif; font-size: 11pt">69,042</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&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-family: Times New Roman, Times, Serif; font-size: 11pt">69,042</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">10,151</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-family: Times New Roman, Times, Serif; font-size: 11pt">7,522</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-family: Times New Roman, Times, Serif; font-size: 11pt">5,228</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-family: Times New Roman, Times, Serif; font-size: 11pt">22,901</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">4,879</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-family: Times New Roman, Times, Serif; font-size: 11pt">6,818</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-family: Times New Roman, Times, Serif; font-size: 11pt">5,509</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-family: Times New Roman, Times, Serif; font-size: 11pt">17,206</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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">90,420</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14,341</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,784</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">115,545</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Income statements for the RiverFront Holdings I, LLC (in thousands):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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-family: Times New Roman, Times, Serif; font-size: 11pt">Three Months Ended March 31,</FONT></TD></TR>
<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="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</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-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Revenues:</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Rental Revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,311</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Revenue &#8211; Reimbursements</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-family: Times New Roman, Times, Serif; font-size: 11pt">15</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total Revenues</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,326</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Cost of operations:</B></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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">863</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">22</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">475</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">68</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property taxes</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-family: Times New Roman, Times, Serif; font-size: 11pt">219</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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">1,557</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-family: Times New Roman, Times, Serif; font-size: 11pt">90</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-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total operating profit</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(231</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(90</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest expense</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">(756</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">Net loss of the Partnership</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(987</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(90</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of consolidated accumulated deficit
for these joint ventures&nbsp;was $(2,134,000) and $(1,667,000) as of March 31, 2017 and December 31, 2016 respectively.</P>


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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify; text-indent: 0.75in"><B>CONDITION
AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following discussion includes certain non-GAAP
financial measures (&#8220;adjusted&#8221;) within the meaning of Regulation G promulgated by the Securities and Exchange Commission
(&#8220;Regulation G&#8221;) to supplement the financial results as reported in accordance with GAAP. Post Spin-off we are reporting
any net gain/(loss) from the transportation business as &#8220;discontinued operations&#8221; and we currently have no other discontinued
operations being reported. GAAP accounting rules do not allow corporate overhead expenses to be allocated to a discontinued operation
of the Company; thus, those corporate expenses attributable to the transportation business prior to the spin-off are charged to
the Company as part of continuing operations. The non-GAAP financial measures discussed below are adjusted income from continuing
operations and adjusted consolidated operating profit. These non-GAAP financial measures exclude the corporate management fees
attributable to the transportation business prior to the spin-off that are not allocable to the transportation business due to
it being a discontinued operation. The Company uses these metrics to analyze its continuing operations and to monitor, assess,
and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed as,
substitutes for GAAP financial measures. Refer to &#8220;Non-GAAP Financial Measures&#8221; below in this annual report for a more
detailed discussion, including reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial
measures.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Overview - </B>FRP Holdings, Inc. (&#8220;FRP&#8221;
or the &#8220;Company&#8221;) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership,
leasing and management, (ii) mining royalty land ownership, leasing and management, and (iii) land acquisition, entitlement, development
and construction mainly for warehouse/office buildings.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Potential REIT Conversion.</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Whether through strategic acquisitions, organic
growth, joint ventures, or putting our non-income producing land to work, our constant aim is to create and grow shareholder value.
To that end, we have for some time explored the possibility of converting this company into a Real Estate Investment Trust (REIT),
with the idea that this may be a more efficient structure given the nature of our business. Though no final decision has been made,
in order to have the option to convert to a REIT in 2017, the board has already elected to change from our previous fiscal year
(ending September 30), to a fiscal year that follows the calendar year as is required of a REIT. This change went into effect January
1, 2017 and will require one-time additional auditing expenses of $120,000 which will be reflected in fiscal year 2017. Thus, this
past quarter, and every quarter ended March 31 will now be the first quarter of our fiscal year. Finally, consistent with having
the option to elect REIT status, we have contributed our mining reserves into a wholly owned subsidiary. Because the parent company
still retains control of the land itself, the portion of the mining royalties&#8217; income that is not attributable to the reserves,
but instead more closely resembles ground rents, will be retained by the parent company and will qualify as &#8220;REIT-able&#8221;
income. The subsidiary will receive only the income attributable to the reserves it now controls. This structure is intended to
assure that we will meet the asset and income tests applicable to REITs. These preliminary steps will not have a material impact
on our operations if the Company does not elect REIT status.</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Asset Management Segment.</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">The Asset Management segment
owns, leases and manages warehouse/office buildings located predominately in the</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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 competitive rates resulting in tenant satisfaction
and ultimately, retention.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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 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 personnel costs of our property management team. Of the 42 buildings we own today, 27 were constructed by the Company
through what is now known as our Land Development and Construction segment. Additionally, over the years, we have opportunistically
acquired 15 existing operating buildings, typically in connection with a deferred like-kind (Section 1031) exchange opportunity.&nbsp;
Today, this segment consists of 3.9 million square feet.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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)
net operating income, (3) growth in occupied square feet, (4) actual occupancy rate, (5) average annual occupied square feet, (6)
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),
(7) growth of our portfolio (in square feet), and (8) tenant retention success rate (as a percentage of total square feet to be
renewed).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Tahoma, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #333333"><B><U>Asset Management segment &#8211; three months ended </U></B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #333333"><B><U>March 31, 2017</U></B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #333333"><B><U>March 31, 2016</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">$7,285,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">7,574,000</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #333333">Net Operating Income (Cash Basis)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">$5,689,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">5,442,000</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">3,525,234</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">3,348,112</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">90.8%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">90.7%</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #333333">Average annual 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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">3,516,598</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">3,348,112</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">90.6%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">90.7%</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #333333">3,880,365</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #333333">3,693,377</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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">88%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #333333">65%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B><U>Mining Royalty Lands
Segment.</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Our Mining Royalty Lands segment
owns several properties comprising approximately 15,000 acres currently under lease for mining rents or royalties (this does not
include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials).&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 annual 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 Florida, Georgia, and Virginia which would positively benefit our profitability
in this segment.&nbsp; Our mining properties had estimated remaining reserves of 415 million tons as of September 30, 2016 after
a total of 6.9 million tons were consumed in fiscal 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">our locations. Our current
mining tenants include Vulcan Materials, Martin Marietta and Cemex, among others.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Additionally, these locations
provide us with excellent opportunities for valuable &#8220;second lives&#8221; for these assets through proper land planning and
entitlement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B>Significant &#8220;2<SUP>nd</SUP>
life&#8221; Mining Lands:&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Tahoma, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B><U>Location</U></B></FONT></TD>
    <TD STYLE="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; layout-grid-mode: line; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B><U>Acreage</U></B></FONT></TD>
    <TD STYLE="width: 66%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B><U>Status </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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">Brooksville, Fl</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">4,280 +/-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">Development of Regional of Impact and County Land Use and Master Zoning in place for 5,800 residential unit, mixed-use development</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">Ft. Myers, FL </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">1,993 +/-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">Approval in place for 105, 1 acre, waterfront residential lots after mining completed.</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">Gulf Hammock, Fl</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">1,600 +/-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">Currently on the market for $4.5 million</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; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B>7,873 +/-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B><U>Land Development and
Construction Segment.</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333">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, or joint venture with, third parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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. To date, our management team has converted 27 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333">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 +/- 973,000 sf. of warehouse/office buildings.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333"><B>Summary of Our Remaining
Lot Inventory:&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B><U>Location</U></B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B><U>Acreage</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B><U>SF +/-</U></B></FONT></TD>
    <TD STYLE="width: 59%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black"><B><U>Status </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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">Lakeside, MD </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: black">286,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; 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">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Windlass Run</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Business Park, MD</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">17.5</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(50%</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Interest)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">164,500</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(50%</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Interest)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Company owns a 50% in a joint venture formed in April 2016 with St. John Properties.&nbsp;&nbsp;The joint venture owns the 35 acres and plans to develop the land into 12 office buildings for a total of 329,000 sq. ft.</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Patriot Business Center, Manassas, VA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">202,448</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Construction in progress on a 103,448 sf warehouse/office building which is 83% pre-leased. &nbsp;Building permit process ongoing for the remaining 99,000 sf.</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Hollander 95 Business Park, MD</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">319,950</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Horizontal development completed. Building permit process ongoing for 85,500 sf.</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; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>95.5</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>973,398</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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. 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 in 2012, 2013 and 2014.&nbsp; We completed construction on a 79,550 square foot spec building at Hollander Business
Park that was put into service in the third quarter of fiscal 2016. Also in the third quarter of fiscal 2016 we started construction
on a 103,448 square foot building in Patriot Business Center and pre-leased 85,818 square feet. In April, 2016 we entered into
a joint venture agreement to develop 12 office buildings on our remaining lots at Windlass Run and on adjacent frontage property
owned by St. John Properties. 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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. 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 mature.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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 tax-deferred exchange. An example of this is the Windlass Run 179 acre tract purchased for $5.2 million in 2002. When purchased,
the entire parcel was zoned for commercial/industrial uses. Today, some 70 acres of this original tract makes up our Windlass Run
Business Park. 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. The first phase of the Windlass Run
residential land was sold for $8 million and the proceeds were used in a Section 1031 exchange to acquire our Transit Business
Park in 2013. Phase 2 was sold in November, 2015 for $11.1 million and we used $9.9 million of the proceeds to acquire the fully
leased Port Capital Building.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">An example of property in this
segment being developed through joint venture is Phase I of our RiverFront on the Anacostia project which was contributed to a
joint venture with MRP in 2014 to construct a 305 unit apartment building including 18,000 sf of ground floor retail.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Significant Investment Lands Inventory:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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; layout-grid-mode: line; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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; layout-grid-mode: line; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>NBV</U></B></P></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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Phase I (as of 4/23/17) residential is 71% occupied and 79% leased.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,380,000</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Phase II final design approval hearings ongoing.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,209,000</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">118</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Residential conceptual design program 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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$7,074,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$8,299,000</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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>126</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$34,962,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333"><B>RIVERFRONT ON THE
ANACOSTIA:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">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. Once zoned for industrial use and under a ground lease, this property is no longer under lease and
has been rezoned for the construction of approximately 1.1M square feet of &#8220;mixed-use&#8221; development in four phases.
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</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">commenced in October 2014 on
a 305 unit residential apartment building with approximately 18,000 sq. ft. of first floor retail space. Lease up commenced in
May 2016 and rent stabilization is expected in the third quarter of 2017. Pre-leasing activity for the 305 residential units commenced
in late May of 2016 and as of April 23, the residential units were 71% occupied and 79% leased, while retail units remain 80.0%
leased with just one space remaining. Phases II, III and IV are slated for residential, office, and hotel/residential buildings,
respectively, all with permitted first floor retail uses. The company and MRP Realty executed a letter of intent in May 2016 and
a Contribution Agreement in February 2017 to develop Phase II but the joint venture is not yet formed. In February, the D.C. Zoning
Commission voted 5-0 in favor of the Planned Unit Development (PUD) of Phase II of our RiverFront on the Anacostia project. After
formal publishing of the record and a 35 day appeal period we anticipate formal approval in the second quarter of this calendar
year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">On August 24, 2015, in anticipation
of commencing construction of the new Frederick Douglass bridge at a location immediately to the West of the existing bridge, the
District of Columbia filed a Declaration of Taking for a total of 7,390 square feet of permanent easement and a 5,022 square foot
temporary construction easement on land along the western boundary of the land that will ultimately hold Phase III and IV. Previously,
the Company and the District had conceptually agreed to a land swap with no compensation that would have permitted the proposed
new bridge, including construction easements, to be on property wholly owned by the District. As a result, the Planned Unit Development
was designed and ultimately approved by the Zoning Commission as if the land swap would occur once the District was ready to move
forward with the new bridge construction. In September 2016 the Company received $1,115,400 as settlement for the easement. The
Company will continue to seek an agreement from the District that the existing bridge easement will terminate when the new bridge
has been placed in service and the existing bridge has been removed. The Company&#8217;s position is that otherwise Phase IV will
be adversely impacted and additional compensation or other relief will be due the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333"><B>HAMPSTEAD TRADE
CENTER: </B>We purchased this 118 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
has 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 assets with more near-term income producing potential. In
the fourth quarter of fiscal 2016, the Company received approval from the Town of Hampstead and has rezoned the property for residential
use.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333"><B>SQUARE 664E, WASHINGTON,
DC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333">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
is separated from our property by just one small industrial lot. In March 2017 reconstruction of the bulkhead was completed at
a cost of $4 million in anticipation of future high rise development.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: justify; color: #333333">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0">Comparative Results of Operations for the Three
months ended March 31, 2017 and 2016</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Consolidated Results</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Three months ended</B></FONT></TD>
    <TD>&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-family: Times New Roman, Times, Serif; font-size: 11pt">(dollars in thousands)<B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>March 31,</B></FONT></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="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-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2017</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-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2016</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Revenues:</B></FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right">&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: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right">&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: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right">&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: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right">&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Rental Revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,283</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,089</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">194</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-family: Times New Roman, Times, Serif; font-size: 11pt">3.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Mining Royalty and rents</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,739</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,756</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-family: Times New Roman, Times, Serif; font-size: 11pt">(17</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">-1.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Revenue-Reimbursements</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,300</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,770</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-family: Times New Roman, Times, Serif; font-size: 11pt">(470</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">-26.6</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Total Revenues</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9,322</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-family: Times New Roman, Times, Serif; font-size: 11pt">9,615</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-family: Times New Roman, Times, Serif; font-size: 11pt">(293</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">-3.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right">&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: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right">&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: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right">&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: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right">&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Cost of operations:</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>
    <TD 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-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Depreciation/Depletion/Amortization</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,059</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,929</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-family: Times New Roman, Times, Serif; font-size: 11pt">130</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-family: Times New Roman, Times, Serif; font-size: 11pt">6.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Operating Expenses</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,001</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,531</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-family: Times New Roman, Times, Serif; font-size: 11pt">(530</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">-34.6</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Property Taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,062</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,142</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-family: Times New Roman, Times, Serif; font-size: 11pt">(80</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">-7.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Mgmt Co Allocation-In</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">496</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-family: Times New Roman, Times, Serif; font-size: 11pt">(27</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">-5.4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;Corporate Expense</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,327</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,008</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-family: Times New Roman, Times, Serif; font-size: 11pt">319</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-family: Times New Roman, Times, Serif; font-size: 11pt">31.6</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total cost of operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5,918</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-family: Times New Roman, Times, Serif; font-size: 11pt">6,106</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-family: Times New Roman, Times, Serif; font-size: 11pt">(188</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">-3.1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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 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-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total operating profit</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,404</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-family: Times New Roman, Times, Serif; font-size: 11pt">3,509</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-family: Times New Roman, Times, Serif; font-size: 11pt">(105</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">-3.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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 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-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Income and other</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#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-family: Times New Roman, Times, Serif; font-size: 11pt">1</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-family: Times New Roman, Times, Serif; font-size: 11pt">(1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">-100.0</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-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Expense</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(248</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">(415</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">167</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-family: Times New Roman, Times, Serif; font-size: 11pt">-40.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">(771</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">(86</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">(685</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">796.5</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">2,385</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-family: Times New Roman, Times, Serif; font-size: 11pt">3,009</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-family: Times New Roman, Times, Serif; font-size: 11pt">(624</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">-20.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Provision for income taxes</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-family: Times New Roman, Times, Serif; font-size: 11pt">942</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,189</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-family: Times New Roman, Times, Serif; font-size: 11pt">(247</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</FONT></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-family: Times New Roman, Times, Serif; font-size: 11pt">-20.8</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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 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-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,443</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,820</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(377</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-20.7</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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>
    <TD 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>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net income for the first quarter of 2017 was
$1,443,000 or $.14 per share versus $1,820,000 or $.18 per share in the same period last year. The decrease in income compared
to the same period last year is a result of a $685,000 increase in equity in loss of joint ventures, primarily as a result of expenses
and depreciation during the lease up of Phase I (Dock 79) of RiverFront. Total revenues were $9,322,000, down 3%, versus the same
period last year. Consolidated total operating profit was down 3%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Asset Management Segment Results</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Highlights of the Three Months ended March 31, 2017:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<LI STYLE="text-align: justify; margin: 0; font: 11pt Times New Roman, Times, Serif">Rental revenue was up $145,000, or 2.4%</LI>

</UL>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Three Months Ended March 31</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(dollars in thousands)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Change</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rental revenue</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,103</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">83.8</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5,958</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-family: Times New Roman, Times, Serif; font-size: 11pt">78.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">2.4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">1,182</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-family: Times New Roman, Times, Serif; font-size: 11pt">16.2</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,616</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-family: Times New Roman, Times, Serif; font-size: 11pt">21.3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">(434</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">-26.9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD 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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">7,285</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-family: Times New Roman, Times, Serif; font-size: 11pt">100.0</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">7,574</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-family: Times New Roman, Times, Serif; font-size: 11pt">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">(289</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&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-family: Times New Roman, Times, Serif; font-size: 11pt">-3.8</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD 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-family: Times New Roman, Times, Serif; font-size: 11pt">Depreciation, depletion and amortization</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: Times New Roman, Times, Serif; font-size: 11pt">1,965</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-family: Times New Roman, Times, Serif; font-size: 11pt">27.0</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">1,835</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-family: Times New Roman, Times, Serif; font-size: 11pt">24.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">130</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-family: Times New Roman, Times, Serif; font-size: 11pt">7.1</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">895</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-family: Times New Roman, Times, Serif; font-size: 11pt">12.3</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">1,430</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-family: Times New Roman, Times, Serif; font-size: 11pt">18.9</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">(535</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">-37.4</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">737</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-family: Times New Roman, Times, Serif; font-size: 11pt">10.1</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">662</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-family: Times New Roman, Times, Serif; font-size: 11pt">8.7</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">75</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-family: Times New Roman, Times, Serif; font-size: 11pt">11.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management company indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">187</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-family: Times New Roman, Times, Serif; font-size: 11pt">2.6</FONT></TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">224</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-family: Times New Roman, Times, Serif; font-size: 11pt">3.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">(37</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</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: Times New Roman, Times, Serif; font-size: 11pt">-16.5</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Corporate expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; 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-family: Times New Roman, Times, Serif; font-size: 11pt">753</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-family: Times New Roman, Times, Serif; font-size: 11pt">10.3</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">520</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-family: Times New Roman, Times, Serif; font-size: 11pt">6.9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">233</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-family: Times New Roman, Times, Serif; font-size: 11pt">44.8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD 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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">4,537</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-family: Times New Roman, Times, Serif; font-size: 11pt">62.3</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">4,671</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-family: Times New Roman, Times, Serif; font-size: 11pt">61.7</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">(134</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</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-family: Times New Roman, Times, Serif; font-size: 11pt">-2.9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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 COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD 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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,748</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-family: Times New Roman, Times, Serif; font-size: 11pt">37.7</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,903</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">38.3</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(155</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</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">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-5.3</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></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 STYLE="width: 3px">&nbsp;</TD>
    <TD STYLE="width: 17px">&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>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Total revenues in this segment were $7,285,000,
down $289,000 or 3.8%, over the same period last year. The decrease in revenue is due to lower snow removal reimbursements as a
result of a milder 2017 winter. Given its nature as a reimbursement, snow removal is largely a pass through expense, and expenses
were down a like amount. Net Operating Income in this segment for the first quarter was $5,689,000, compared to $5,442,000 in the
same period last year, an increase of 4.5%. The increase was mainly due to the acquisition of the Gilroy Road building in Hunt
Valley, MD in July 2016, and the lease up of previously vacant space at 7010 Dorsey Road in Hillside Business Park in August 2016
and 2201 Lakeside in November and December 2016. We ended the first quarter with total occupied square feet of 3,525,234 versus
3,348,112 at the end of the same period last year, an increase of 5.3% or 177,122 square feet. Our overall occupancy rate was 90.8%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Depreciation and amortization expense
increased primarily because of the aforementioned Gilroy building purchase and the completion of a 79,550 square foot warehouse
at Hollander Business Park in April 2016. Corporate expense increased due to stock option modification expense of $191,000 and
increased internal and external audit expense incurred as a result of the conversion from the previous fiscal year (ending September
30) to one that follows the calendar year.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Mining Royalty Lands Segment Results</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Highlights of the Three Months ended March 31, 2017:</B></P>

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

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

<LI STYLE="text-align: justify; margin: 0; font: 11pt Times New Roman, Times, Serif">Mining Royalty and rents revenue were down
$17,000, or 1.0%.</LI>

</UL>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; 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-family: Times New Roman, Times, Serif; font-size: 11pt">Three Months Ended March 31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(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-family: Times New Roman, Times, Serif; font-size: 11pt">2017</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-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">2016</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-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: 48%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mining 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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,739</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-family: Times New Roman, Times, Serif; font-size: 11pt">98.7</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: 9%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,756</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-family: Times New Roman, Times, Serif; font-size: 11pt">98.8</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">1.3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">1.2</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">1,762</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-family: Times New Roman, Times, Serif; font-size: 11pt">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">1,778</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-family: Times New Roman, Times, Serif; font-size: 11pt">100.0</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">Depreciation, depletion and amortization</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: Times New Roman, Times, Serif; font-size: 11pt">39</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-family: Times New Roman, Times, Serif; font-size: 11pt">2.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">31</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-family: Times New Roman, Times, Serif; font-size: 11pt">1.8</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">39</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-family: Times New Roman, Times, Serif; font-size: 11pt">2.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">39</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-family: Times New Roman, Times, Serif; font-size: 11pt">2.2</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">3.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">3.3</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">66</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-family: Times New Roman, Times, Serif; font-size: 11pt">3.8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">75</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-family: Times New Roman, Times, Serif; font-size: 11pt">4.2</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">203</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-family: Times New Roman, Times, Serif; font-size: 11pt">11.5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">204</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-family: Times New Roman, Times, Serif; font-size: 11pt">11.5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,559</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-family: Times New Roman, Times, Serif; font-size: 11pt">88.5</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,574</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-family: Times New Roman, Times, Serif; font-size: 11pt">88.5</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Total revenues in this segment were $1,762,000,
a decrease of 0.9%, versus $1,778,000 in the same period last year. This is largely due to $112,000 decrease in royalties at our
Lake Sand location, the consequence of Vulcan having fully depleted our proven reserves there. Further capital expenditures would
be required by our tenant to change their mining plan and realize more than three million tons of probable reserves at Lake Sand,
which we do not anticipate any time soon. Total operating profit in this segment was $1,559,000, a decrease of $15,000 versus $1,574,000
in the same period last year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><U>Land Development and Construction
Segment Results</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Highlights of the Three Months ended March 31, 2017:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<LI STYLE="text-align: justify; margin: 0; font: 11pt Times New Roman, Times, Serif">The Company continues to work with MRP Realty
to develop Phase II of the Riverfront on the Anacostia.</LI>

</UL>

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


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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Three Months ended March 31</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(dollars in thousands)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Change</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rental revenue</FONT></TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="width: 10%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">180</FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; 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-family: Times New Roman, Times, Serif; font-size: 11pt">131</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; 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-family: Times New Roman, Times, Serif; font-size: 11pt">49</FONT></TD>
    <TD STYLE="width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">95</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-family: Times New Roman, Times, Serif; font-size: 11pt">132</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-family: Times New Roman, Times, Serif; font-size: 11pt">(37</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</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">&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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">275</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-family: Times New Roman, Times, Serif; font-size: 11pt">263</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-family: Times New Roman, Times, Serif; font-size: 11pt">12</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&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>
    <TD 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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Depreciation, depletion and amortization</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: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">63</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-family: Times New Roman, Times, Serif; font-size: 11pt">(8</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">67</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-family: Times New Roman, Times, Serif; font-size: 11pt">62</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-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">266</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-family: Times New Roman, Times, Serif; font-size: 11pt">421</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-family: Times New Roman, Times, Serif; font-size: 11pt">(155</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">282</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-family: Times New Roman, Times, Serif; font-size: 11pt">272</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-family: Times New Roman, Times, Serif; font-size: 11pt">10</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">508</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-family: Times New Roman, Times, Serif; font-size: 11pt">413</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-family: Times New Roman, Times, Serif; font-size: 11pt">95</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</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">&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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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-family: Times New Roman, Times, Serif; font-size: 11pt">1,178</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-family: Times New Roman, Times, Serif; font-size: 11pt">1,231</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-family: Times New Roman, Times, Serif; font-size: 11pt">(53</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</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">&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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Operating loss</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-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(903</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(968</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">65</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Land
Development and Construction segment is responsible for (i) seeking out and identifying opportunistic purchases of income producing
warehouse/office buildings, and (ii) developing our non-income producing properties into income production. </FONT></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">With respect
to ongoing projects:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our new spec building at Patriot Business Center was placed in service
in April 2017 and is 49.9% occupied and 83.0% leased </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">In February, the D.C. Zoning Commission voted 5-0 in favor of the
Planned Unit Development (PUD) of Phase II of our RiverFront on the Anacostia project. After formal publishing of the record and
a 35 day appeal period we anticipate formal approval in the second quarter of this calendar year&nbsp; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We are fully engaged in the formal process of seeking PUD entitlements
for our 118 acre tract in Hampstead, Md</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We completed construction of the bulkhead at our 664E property on
the Anacostia ahead of schedule and under budget. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Finally,
it has been eight months since we placed Dock 79 and its 305 residential units &#8220;in service.&#8221; As of April 23, the residential
units were 71% occupied and 79% leased, while retail units remain 80.0% leased with just one space remaining. The project is currently
above pro forma in effective rents and leasing absorption with residential stabilization expected in the third quarter of 2017.
However, because of operating losses and depreciation during the lease up of Phase I (Dock 79) of RiverFront on the Anacostia this
quarter, equity in loss of joint ventures was $771,000 (including a loss of $9,000 in the Brooksville Joint Venture).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Liquidity and Capital Resources. <FONT STYLE="font-weight: normal">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, 2017, we had $5,799,000 borrowed under our $20 million Wells
Fargo revolver, $2,263,000 outstanding under letters of credit and $11,938,000 available to borrow under the revolver. The Company
closed on a $20 million secured revolver with First Tennessee Bank on July 24, 2015 and as of March 31, 2017, we had $966,000 borrowed
and $19,034,000 available to borrow under the revolver. First Tennessee has also committed to provide an additional $20 million
of secured financing to the Company 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 during 2017.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cash Flows </B>- The following table summarizes
our cash flows from operating, investing and financing activities for</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">each of the periods presented (in thousands
of dollars):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Three months</B></FONT></TD>
    <TD>&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 COLSPAN="4" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Ended March 31,</B></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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2017</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2016</B></FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 75%; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total cash provided by (used for):</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Operating activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,882</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: Times New Roman, Times, Serif; font-size: 11pt">3,289</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investing activities</FONT></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: Times New Roman, Times, Serif; font-size: 11pt">(3,833</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></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: Times New Roman, Times, Serif; font-size: 11pt">(1,102</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financing activities</FONT></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: Times New Roman, Times, Serif; font-size: 11pt">(943</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)&nbsp;</FONT></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: Times New Roman, Times, Serif; font-size: 11pt">(2,187</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">106</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Outstanding debt at the beginning of the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">40,745</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">42,099</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; layout-grid-mode: line; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Outstanding debt at the end of the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39,749</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39,179</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Operating Activities - </B>Net cash provided
by operating activities increased $1,593,000 to $4,882,000 for the three months ended March 31, 2017. The total of net income plus
depreciation, depletion and amortization less gains on sales of property and equipment decreased $238,000 versus the same period
last year. These changes are described above under &#8220;Comparative Results of Operations&#8221;. Equity in the loss of joint
ventures was $771,000 in the first quarter of 2017 primarily as a result of expenses and depreciation during the lease up of Dock
79. Deferred income tax liabilities increased by $3,092,000 primarily due to bonus depreciation on Phase I (Dock 79) of RiverFront.
Income tax receivable was $2,608,000 at March 31, 2017 compared to income tax payable of $887,000 at December 31. 2016 resulting
in a negative impact to net cash provided by operating activities of $3,495,000 also primarily due to the bonus depreciation on
Dock 79.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investing Activities</B> - For the three
months ended March 31, 2017, cash required by investing activities increased $2,731,000 to $3,833,000.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><B>Financing Activities</B> &#8211;
For the three months ended March 31, 2017, cash required by financing activities was $943,000 versus $2,187,000 in 2016 primarily
due to higher borrowing on the revolver.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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 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, 2017, there was $5,799,000 outstanding on the revolver
and $2,263,000 outstanding under letters of credit and $11,938,000 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, 2017, the tangible
net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $75.5
million combined. The Company was in compliance with all covenants as of March 31, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">During the first quarter of fiscal
2015, 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. On July 24, 2015 the Company closed on a five year, $20 million secured revolver with
a twenty-four month window to convert up to the full amount of the facility into a ten year term loan. Interest accrues at 1.90%
over one month LIBOR plus an annual commitment fee of 0.10%. As of March 31, 2017, there was $966,000 outstanding on the revolver
and $19,034,000 available for borrowing. The second facility is a $20 million ten year term loan secured by to-be-determined collateral
from our current pool of unencumbered warehouse/office properties expected to close in 2017. The purpose of these loans is to facilitate
growth through new construction in the Land Development and Construction segment and/or</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">acquisition of existing, operating
buildings to be added to the Asset Management segment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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 three months ended March 31, 2017 the Company repurchased 2,000 shares of stock. As of March 31, 2017, $4,883,000
was authorized for future repurchases of common stock. The Company does not currently pay any cash dividends on common stock.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The Company currently expects its
2017 capital expenditures to include approximately $19,600,000 for real estate development and acquisitions, of which $3,729,000
has been expended to date, which will be funded mostly out of cash generation from operations and property sales or partly from
borrowings under our credit facilities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>REIT Conversion</B> &#8211; If we elect
REIT status, we would be required to distribute to our shareholders an amount equal to at least 90% of our REIT taxable income,
determined without regard to the dividends paid deduction and excluding any net capital gains. If we elect REIT status for the
2017 calendar year, we would expect to commence paying regular distributions in 2018. The amount, timing and frequency of future
distributions, however, will be at the sole discretion of our Board of Directors and will be declared based upon various factors,
many of which are beyond our control, including, our financial condition and operating cash flows, the amount required to maintain
REIT status and reduce any income and excise taxes that we otherwise would be required to pay, limitations on distributions in
our existing and future debt instruments, limitations on our ability to fund distributions using cash generated through taxable
REIT subsidiaries and other factors that our Board of Directors may deem relevant.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We currently operate as a C corporation. A
REIT is not permitted to retain earnings and profits (&#8220;E&amp;P&#8221;) accumulated during the periods when the company or
its predecessor was taxed as a C corporation. If we elect REIT status for the year ending December 31, 2017, we would issue a special
distribution to our shareholders of accumulated earnings and profits on or prior to December 31, 2017 (the &#8220;E&amp;P Distribution&#8221;).
The E&amp;P Distribution would be taxable to our shareholders. We have not yet determined the amount of our accumulated earnings
and profits. We anticipate that the E&amp;P Distribution would be made in the form of 75% FRP common stock and 25% cash, although
no decision has been made as to the composition of any E&amp;P Distribution. The timing of the planned E&amp;P Distribution, which
may or may not occur, may be affected by potential changes in tax law, the completion of various phases of the REIT conversion
process and other factors beyond our control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary and Outlook</B>. We are focused
on building shareholder value through our real estate holdings. We accomplish this through the opportunistic acquisition of income
producing properties, and the conversion of our non-income producing assets into income production. We have done this by (i) selling
land that is not conducive to warehouse/office development (e.g. Windlass Run Residential Phase 2 land) and using the proceeds
to acquire existing income producing warehouse/office buildings typically in a Section 1031 exchange (e.g. the Port Capital building
purchase) and (ii) the construction of new warehouse/office buildings on existing pad sites in our developed business parks (e.g.
new spec building at Patriot). Over the past five years, we have used this approach to convert 172 acres of non-income producing
land into 766,216 square feet of income producing properties (excluding the recently completed spec building). This past quarter
those properties had Net Operating Income of $1,319,000, accounting for over 23% of Asset Management&#8217;s Net Operating Income.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Asset Management segment has an unusually
large number of square feet of lease expirations (357,175 square feet) during the quarter ending June 30, 2017 of which 129,891
square feet have renewed.</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the remainder of this year, we expect
to reach residential stabilization of Phase I (Dock 79) of RiverFront on the Anacostia and continue pre-development activities
for Phase II with the expectation that we will break ground in the last quarter of this year or the first quarter of fiscal year
2018. Our biggest decision this year will be whether or not to convert this company into a Real Estate Investment Trust. As mentioned
previously, we have taken steps to, at the very least, have the option. Impacting that decision will be weighing the benefits of
REIT status against how it will impact our capital structure and any future projects, as well as any changes in the federal tax
code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify">Finally, as announced in March,
our CEO Tom Baker resigned in order to become Vulcan Materials Company&#8217;s</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify">Senior Vice President. We are grateful
for his leadership, recognize that this was an opportunity he really couldn&#8217;t refuse, and wish him nothing but the best as
he starts this new chapter in his professional life. Taking over for Tom is John D Baker II. John was the CEO of this company prior
to Tom from 2008-2010, and has been its chairman since. So while Tom will certainly be missed, he leaves your company in great
shape and in more than capable hands.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Subsequent Events. </B>Subsequent to the
end of last quarter, we were informed by Vulcan Materials Company that Lee County issued Vulcan a Mine Operating Permit (MOP) for
our section of their operations in Ft. Myers, the last of the permits required to begin mining this property. This action is the
culmination of over twenty years of work to get this property fully entitled and allows Vulcan to begin production immediately.
Vulcan&#8217;s ability to finally realize the reserves at this site should positively impact revenue and income as it creates an
opportunity to collect more than the minimums from this location.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Non-GAAP Financial Measures.</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To supplement the financial results presented
in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the
Securities and Exchange Commission. The non-GAAP financial measure included in this quarterly report are net operating income (NOI).
FRP uses these non-GAAP financial measures to analyze its continuing operations and to monitor, assess, and identify meaningful
trends in its operating and financial performance. These measures are not, and should not be viewed as, substitutes for GAAP financial
measures.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Operating Income Reconciliation</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months ended 03/31/17 (in thousands)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <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: Times New Roman, Times, Serif; font-size: 10pt">Asset</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: Times New Roman, Times, Serif; font-size: 10pt">Land</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: Times New Roman, Times, Serif; font-size: 10pt">Mining</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>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRP</FONT></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 STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management</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: Times New Roman, Times, Serif; font-size: 10pt">Development</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: Times New Roman, Times, Serif; font-size: 10pt">Royalties</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-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings</FONT></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="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment</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="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Totals</FONT></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">&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>
    <TD STYLE="layout-grid-mode: line">&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income (loss) from continuing operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,512</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: Times New Roman, Times, Serif; font-size: 10pt">(1,007</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">938</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-family: Times New Roman, Times, Serif; font-size: 10pt">1,443</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income Tax Allocation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">988</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(658</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">612</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="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">942</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inc. (loss) from continuing operations &nbsp;before income taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,500</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: Times New Roman, Times, Serif; font-size: 10pt">(1,665</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,550</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-family: Times New Roman, Times, Serif; font-size: 10pt">2,385</FONT></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; 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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:</FONT></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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Lease intangible rents</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</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: Times New Roman, Times, Serif; font-size: 10pt">&#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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus:</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">&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>
    <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Unrealized rents</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</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: Times New Roman, Times, Serif; font-size: 10pt">&#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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Equity in loss of Joint Venture</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">762</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Interest Expense</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">248</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: Times New Roman, Times, Serif; font-size: 10pt">&#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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Depreciation/Amortization</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,965</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: Times New Roman, Times, Serif; font-size: 10pt">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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Management Co. Indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">187</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: Times New Roman, Times, Serif; font-size: 10pt">282</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Allocated Corporate Expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">753</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-family: Times New Roman, Times, Serif; font-size: 10pt">508</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">&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">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; 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; 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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Operating Income (loss)</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,689</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: Times New Roman, Times, Serif; font-size: 10pt">(58</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</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></TR>
</TABLE>
<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net Operating Income Reconciliation</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months ended 03/31/16 (in thousands)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 51%; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 10%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <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: Times New Roman, Times, Serif; font-size: 10pt">Asset</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: Times New Roman, Times, Serif; font-size: 10pt">Land</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: Times New Roman, Times, Serif; font-size: 10pt">Mining</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>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRP</FONT></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 STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management</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: Times New Roman, Times, Serif; font-size: 10pt">Development</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: Times New Roman, Times, Serif; font-size: 10pt">Royalties</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-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings</FONT></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="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment</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="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Totals</FONT></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">&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>
    <TD STYLE="layout-grid-mode: line">&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income (loss) from continuing operations</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,505</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: Times New Roman, Times, Serif; font-size: 10pt">(631</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">946</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-family: Times New Roman, Times, Serif; font-size: 10pt">1,820</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income Tax Allocation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">983</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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(410</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">616</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="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,189</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inc. (loss) from continuing operations &nbsp;before income taxes</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,488</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: Times New Roman, Times, Serif; font-size: 10pt">(1,041</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,562</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-family: Times New Roman, Times, Serif; font-size: 10pt">3,009</FONT></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; 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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:</FONT></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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Lease intangible rents</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</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: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Unrealized rents</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</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: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus:</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">&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>
    <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Equity in loss of Joint Venture</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Interest Expense</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">415</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: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Depreciation/Amortization</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,835</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: Times New Roman, Times, Serif; font-size: 10pt">63</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Management Co. Indirect</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">224</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: Times New Roman, Times, Serif; font-size: 10pt">272</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Allocated Corporate Expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">520</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-family: Times New Roman, Times, Serif; font-size: 10pt">413</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">&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">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; 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; 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; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Operating Income (loss)</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,442</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(219</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</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></TR>
</TABLE>


<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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 Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0">ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISKS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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 Credit Agreements with Wells Fargo and First
Tennessee Bank.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Wells Fargo Credit Agreement, the
applicable spread for borrowings at March 31, 2017 was 1.4% over libor. The applicable spread for such borrowings will be increased
in the event that our debt to capitalization ratio as calculated under the Wells Fargo Credit Agreement Facility exceeds a target
level.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The applicable borrowing spread above libor
at March 31, 2017 with First Tennessee Bank was 1.9%.</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At March 31, 2017 a 1% increase in the current
per annum interest rate would result in $57,992 of additional interest expense during the next 12 months under the Wells Fargo
Credit Agreement. The foregoing calculation assumes an instantaneous 1% increase in the rates under the Credit Agreement and that
the principal amount under the Credit Agreement is the amount outstanding as of March 31, 2017. The calculation, therefore, does
not account for the differences in the market rates upon which the interest rates of our indebtedness are based or possible actions,
such as prepayment, which we may take in response to any rate increase.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0">ITEM 4. CONTROLS AND PROCEDURES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CONCLUSION REGARDING THE EFFECTIVENESS OF
DISCLOSURE CONTROLS AND PROCEDURES</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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
and Board of Directors regarding the preparation and fair presentation of published financial statements.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2017, 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>


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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>PART II. OTHER INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1A.</B></TD><TD STYLE="text-align: justify; padding-right: 13.5pt"><B>RISK FACTORS</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">In addition to the other information
set forth in this report and the Risks related to our potential REIT election, 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, 2016, 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: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" 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>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)</FONT></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 COLSPAN="3" 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>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total</FONT></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 COLSPAN="3" 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>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Number of</FONT></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 COLSPAN="3" 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>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Shares</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" 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>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchased</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approximate</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As Part of</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dollar Value of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Publicly</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Shares that May</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Number of</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Average</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Announced</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yet Be Purchased</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Shares</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price Paid</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Plans or</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Under the Plans</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Period</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchased</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">per Share</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Programs</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">or Programs (1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January 1</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>
    <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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Through</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>
    <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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 17%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,957,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; 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; 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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 1</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>
    <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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Through</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>
    <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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 28</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: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,957,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; 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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 1</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>
    <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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Through</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>
    <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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,000&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">37.10&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,883,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; 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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total</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: Times New Roman, Times, Serif; font-size: 11pt">2,000&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.25in; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">37.10&nbsp;</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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8212;&nbsp;</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>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>Item 6. EXHIBITS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; 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 29.</TD></TR></TABLE>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FRP Holdings, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 46%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 13%; 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">&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-family: Times New Roman, Times, Serif; font-size: 11pt">Date:&nbsp;&nbsp;May 5, 2017</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">JOHN D. BAKER II</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John D. Baker II</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Executive Officer</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Executive Officer)</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></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></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">JOHN D. MILTON, JR.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John D. Milton, Jr.</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Executive Vice President, Treasurer,</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary and Chief Financial Officer</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Financial Officer)</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></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></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">JOHN D. KLOPFENSTEIN</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John D. Klopfenstein</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Controller and Chief Accounting</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer (Principal Accounting Officer)</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: center"><B>FRP HOLDINGS, INC.</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 10&#45;Q FOR THE THREE MONTHS ENDED
MARCH 31, 2017</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#9; </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 63pt 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 63.2pt 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

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    <TD STYLE="width: 14%; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(14)</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 63pt; padding-left: 26.95pt; layout-grid-mode: line; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(31)(a)</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certification of John D. Baker II.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(31)(b)</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certification of John D. Milton, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(31)(c)</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certification of John D. Klopfenstein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(32)</FONT></TD>
    <TD STYLE="padding-right: 63.2pt; padding-left: 26.95pt; layout-grid-mode: line; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certification of Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer under Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">101.INS</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">XBRL Instance Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">101.XSD</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">XBRL Taxonomy Extension Schema&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">101.CAL</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">XBRL Taxonomy Extension Calculation Linkbase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">101.DEF</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">XBRL Taxonomy Extension Definition Linkbase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">101.LAB</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">XBRL Taxonomy Extension Label Linkbase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">101.PRE</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">XBRL Taxonomy Extension Presentation Linkbase</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>frphex31a.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Times New Roman, Times, Serif; margin: 0 22.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">I, John D. Baker II, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt">1.</TD><TD STYLE="text-align: justify; padding-right: 9pt">I have reviewed this report on Form 10-Q of FRP Holdings, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt">2.</TD><TD STYLE="text-align: justify; padding-right: 9pt">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt">3.</TD><TD STYLE="text-align: justify; padding-right: 9pt">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt">4.</TD><TD STYLE="text-align: justify; padding-right: 9pt">The registrant&#8217;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:</TD></TR></TABLE>

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<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 19.5pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">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 Times New Roman, Times, Serif; 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-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">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 Times New Roman, Times, Serif; 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-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">evaluated the effectiveness of the registrant&#8217;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 Times New Roman, Times, Serif; 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-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">disclosed in this report any changes in the registrant&#8217;s
internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial report; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 19.5pt">5.</TD><TD STYLE="text-align: justify; padding-right: 9pt">The registrant&#8217;s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee
of registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; 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-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;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 Times New Roman, Times, Serif; 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-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">Date: May 5, 2017&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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/John D.
Baker II </U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
Officer</P>






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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>frphex31b.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Times New Roman, Times, Serif; margin: 0 31.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">I, John D. Milton, Jr., certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify; padding-right: 9pt">I have reviewed this report on Form 10-Q of FRP Holdings, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 9pt">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify; padding-right: 9pt">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify; padding-right: 9pt">The registrant&#8217;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:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">evaluated the effectiveness of the registrant&#8217;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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">disclosed in this report any changes in the registrant&#8217;s
internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial report; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify; padding-right: 9pt">The registrant&#8217;s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee
of registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">Date: May 5, 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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/John D.
Milton, Jr. </U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Times New Roman, Times, Serif; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4
<FILENAME>frphex31c.htm
<DESCRIPTION>CAO CERTIFICATION
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<P STYLE="font: 11pt Times New Roman, Times, Serif; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">I, John D. Klopfenstein, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify; padding-right: 9pt">I have reviewed this report on Form 10-Q of FRP Holdings, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 9pt">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify; padding-right: 9pt">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify; padding-right: 9pt">The registrant&#8217;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:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">evaluated the effectiveness of the registrant&#8217;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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">disclosed in this report any changes in the registrant&#8217;s
internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial report; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify; padding-right: 9pt">The registrant&#8217;s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee
of registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 9pt"><FONT STYLE="font-size: 11pt">any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: justify">Date: May 5, 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <U>/s/John D.
Klopfenstein </U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Officer</P>


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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>frphex32.htm
<DESCRIPTION>CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.5pt 0 0; text-align: justify; text-indent: 2.75in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Times New Roman, Times, Serif; margin: 0 31.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 31.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.5pt 0 0; text-align: center">CERTIFICATION UNDER SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 11pt Times New Roman, Times, Serif; margin: 0 22.5pt 6pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">FRP Holdings, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 46%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 13%; 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">&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 Times New Roman, Times, Serif">Date:&nbsp;&nbsp;May 5, 2017</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">/s/JOHN D. BAKER II</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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">John D. Baker II</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Chief Executive Officer</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(Principal Executive Officer)</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></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></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">/s/JOHN D. MILTON, JR.</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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">John D. Milton, Jr.</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Executive Vice President, Treasurer,</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Secretary and Chief Financial Officer</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(Principal Financial Officer)</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></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></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">/s/JOHN D. KLOPFENSTEIN</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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">John D. Klopfenstein</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Controller and Chief Accounting</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 COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Officer (Principal Accounting Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 22.5pt 6pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 22.5pt 6pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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 Times New Roman, Times, Serif; margin: 0 22.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 22.5pt 0 0; text-align: justify">The foregoing certification accompanies
the issuer&#8217;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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<SEQUENCE>6
<FILENAME>frphmarq17.pdf
<DESCRIPTION>COMPLIMENTARY PDF
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    <us-gaap:BasisOfAccounting contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(1) Description of Business and Basis of&#13;Presentation. &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;FRP Holdings, Inc. (&amp;#8220;FRP&amp;#8221; or the&#13;&amp;#8220;Company&amp;#8221;) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership,&#13;leasing and management, (ii) mining royalty land ownership and leasing and (iii) land acquisition, entitlement and development&#13;primarily for future warehouse/office or residential building construction.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The accompanying consolidated financial statements&#13;include the accounts of FRP Holdings, Inc. (the &amp;#8220;Company&amp;#8221; or &amp;#8220;FRP&amp;#8221;) inclusive of our operating real estate&#13;subsidiaries, FRP Development Corp. (&amp;#8220;Development&amp;#8221;) and Florida Rock Properties, Inc. (&amp;#8221;Properties&amp;#8221;). Our&#13;investment in the Brooksville joint venture, BC FRP Realty joint venture and Riverfront Investment Partners I, LLC are accounted&#13;for under the equity method of accounting (See Note 12). These statements have been prepared in accordance with accounting principles&#13;generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not&#13;include all the information and footnotes required by accounting principles generally accepted in the United States of America&#13;for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals)&#13;considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the&#13;three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December&#13;31, 2017. The accompanying consolidated financial statements and the information included under the heading &amp;#34;Management's Discussion&#13;and Analysis of Financial Condition and Results of Operations&amp;#34; should be read in conjunction with the Company's consolidated&#13;financial statements and related notes included in the Company&amp;#8217;s Form 10-K for the year ended September 30, 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On December 19, 2016, the Executive Committee&#13;of the Board of Directors approved the change in the Company&amp;#8217;s fiscal year end from September 30 to December 31. The quarter&#13;ended December 31, 2016 was a transition period.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:BasisOfAccounting>
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margin: 0 0.2pt 0 0; text-align: justify"&gt;Our Mining Royalty Lands segment&#13;owns several properties comprising approximately 15,000 acres currently under lease for mining rents or royalties (this does not&#13;include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials).&amp;#160; Other than one location in Virginia,&#13;all of these properties are located in Florida and Georgia.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;Through our Land Development and&#13;Construction segment, we own and are continuously monitoring for their &amp;#8220;highest and best use&amp;#8221; several parcels of land&#13;that are in various stages of development.&amp;#160; Our overall strategy in this segment is to convert all of our non-income producing&#13;lands into income production through (i) an orderly process of constructing new warehouse/office buildings for us to own and operate&#13;or (ii) a sale to, or joint venture with, third parties.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; 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   &lt;td style="padding-bottom: 2.5pt; 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 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 Times New Roman, Times, Serif"&gt;9,615&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&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&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 Times New Roman, Times, Serif"&gt;Operating profit:&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&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 Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;Before corporate expenses:&lt;/p&gt;&#13;        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Asset management&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;3,501&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 Times New Roman, Times, Serif"&gt;3,423&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;&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;Mining royalty lands&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 Times New Roman, Times, Serif"&gt;1,625&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 Times New Roman, Times, Serif"&gt;1,649&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;&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;Land development and construction&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 Times New Roman, Times, Serif"&gt;(395&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 Times New Roman, Times, Serif"&gt;(555&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;)&amp;#160;&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 Times New Roman, Times, Serif"&gt;&amp;#160;Corporate expenses:&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&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;Allocated to asset management&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 Times New Roman, Times, Serif"&gt;(753&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;(520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;Allocated to mining royalty&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 Times New Roman, Times, Serif"&gt;(66&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;(75&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;Allocated to 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: 11pt Times New Roman, Times, Serif"&gt;(508&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;)&lt;/font&gt;&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: 11pt Times New Roman, Times, Serif"&gt;(413&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;)&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;&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 Times New Roman, Times, Serif"&gt;(1,327&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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="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 Times New Roman, Times, Serif"&gt;(1,008&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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: 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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;3,404&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="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 Times New Roman, Times, Serif"&gt;3,509&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&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&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 Times New Roman, Times, Serif"&gt;Interest expense:&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&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 13.5pt; layout-grid-mode: line; text-indent: -13.5pt"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;415&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;&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&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 Times New Roman, Times, Serif"&gt;Depreciation, depletion and amortization:&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&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1,965&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 Times New Roman, Times, Serif"&gt;1,835&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;&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"&gt;&amp;#160;&lt;/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&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 Times New Roman, Times, Serif"&gt;Capital expenditures:&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; 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   &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;956&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&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="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="padding-bottom: 2.5pt; 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="padding-bottom: 2.5pt; 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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"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#8212;&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&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 Times New Roman, Times, Serif"&gt;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 Times New Roman, Times, Serif"&gt;3,084&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 Times New Roman, Times, Serif"&gt;439&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&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;269,517&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 Times New Roman, Times, Serif"&gt;266,560&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&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="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(5) Long-Term Debt. &lt;/b&gt;Long-term&#13;debt is summarized as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;December 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 Times New Roman, Times, Serif"&gt;2017&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 Times New Roman, Times, Serif"&gt;2016&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;6,765&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 Times New Roman, Times, Serif"&gt;6,665&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;32,984&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 Times New Roman, Times, Serif"&gt;34,080&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 Times New Roman, Times, Serif"&gt;39,749&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 Times New Roman, Times, Serif"&gt;40,745&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;4,599&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 Times New Roman, Times, Serif"&gt;4,526&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="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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;35,150&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 Times New Roman, Times, Serif"&gt;36,219&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: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;On January 30, 2015, the Company&#13;entered into a five year credit agreement with Wells Fargo with a maximum facility amount of $20 million (the &amp;#34;Credit Agreement&amp;#34;).&#13;The Credit Agreement provides a revolving credit facility (the &amp;#8220;Revolver&amp;#8221;) with a $10 million sublimit available for&#13;standby letters of credit. As of March 31, 2017, there was $5,799,000 outstanding on the revolver, $2,263,000 outstanding under&#13;letters of credit and $11,938,000 available for borrowing. The letters of credit were issued to guarantee certain obligations to&#13;state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically&#13;are automatically extended for additional one-year periods. The Revolver bears interest at a rate of 1.4% over the selected LIBOR,&#13;which may change quarterly based on the Company&amp;#8217;s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined.&#13;A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change&#13;quarterly based upon the ratio described above. The credit agreement contains certain conditions and financial covenants, including&#13;a minimum $110 million tangible net worth. As of March 31, 2017, the tangible net worth covenant would have limited our ability&#13;to pay dividends or repurchase stock with borrowed funds to a maximum of $75.5 million combined. The Company was in compliance&#13;with all covenants as of March 31, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;On July 24, 2015 the Company closed&#13;on a five year, $20 million secured revolver with First Tennessee Bank with a twenty-four month window to convert up to the full&#13;amount of the facility into a ten year term loan. Interest accrues at 1.90% over one month LIBOR plus an annual commitment fee&#13;of 0.10%. As of March 31, 2017, there was $966,000 outstanding on the revolver and $19,034,000 available for borrowing. The Company&#13;expects to close on a second facility with First Tennessee Bank with a $20 million ten year term loan secured by to-be-determined&#13;collateral from our current pool of unencumbered warehouse/office properties during 2017. The purpose of these loans is to facilitate&#13;growth through new construction in the Land Development and Construction segment and/or acquisition of existing, operating buildings&#13;to be added to the Asset Management segment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;During the three months ended March&#13;31, 2017 and March 31, 2016 the Company capitalized interest costs of $370,000 and $242,000, respectively.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:LongTermDebtTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(6) Earnings per Share. &lt;/b&gt;The&#13;following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts):&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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 Times New Roman, Times, Serif"&gt;Three 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 Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;2017&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 Times New Roman, Times, Serif"&gt;2016&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: 11pt Times New Roman, Times, Serif"&gt;Weighted average common shares outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" 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"&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 Times New Roman, Times, Serif"&gt;&amp;#160;during the period &amp;#8211; shares used for basic&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" 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"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 69%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;earnings per common share&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: 13%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;9,931&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: 13%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;9,853&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; 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 Times New Roman, Times, Serif"&gt;Common shares issuable under share based&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;&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 Times New Roman, Times, Serif"&gt;&amp;#160;payment plans which are potentially dilutive&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 Times New Roman, Times, Serif"&gt;70&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 Times New Roman, Times, Serif"&gt;40&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; 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 Times New Roman, Times, Serif"&gt;Common shares used for diluted&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;&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: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;earnings per common share&lt;/font&gt;&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 Times New Roman, Times, Serif"&gt;10,001&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 Times New Roman, Times, Serif"&gt;9,893&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; 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: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;1,443&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 Times New Roman, Times, Serif"&gt;1,820&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; 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; 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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"&gt;&amp;#160;&lt;/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;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"&gt;For the three months ended March 31,&#13;2017 and 2016, 23,958 and 72,090 shares attributable to outstanding stock options were excluded from the calculation of diluted&#13;earnings per share because 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="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"&gt;&lt;b&gt;(7) Stock-Based Compensation Plans.&#13;&lt;/b&gt;The Company' has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which&#13;options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock&#13;options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under&#13;the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock&#13;based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative&#13;installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues&#13;new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for&#13;future issuance was 569,917 at March 31, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;The Company utilizes the Black-Scholes&#13;valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated&#13;based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 35% and 46%, risk-free&#13;interest rate of .3% to 4.2% and expected life of .25 to 7.0 years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;The dividend yield of zero is based&#13;on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility&#13;is estimated based on the Company&amp;#8217;s historical experience over a period equivalent to the expected life in years. The risk-free&#13;interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the&#13;expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options&#13;by the employees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;As previously disclosed, Thompson&#13;S. Baker II resigned from his position as CEO and from the board of directors on March 13. 2017. In recognition of his outstanding&#13;service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which will expire 90&#13;days following the termination of his employment. The vesting of Mr. Baker&amp;#8217;s outstanding FRP options that were issued prior&#13;to the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this&#13;cost under the transition services agreement. The vesting of Mr. Baker&amp;#8217;s outstanding FRP options that were issued subsequent&#13;to the spin-off required modified stock compensation expense of $41,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;The Company recorded the following&#13;stock compensation expense in its consolidated statement of income (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Three Months ended&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" 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="padding-bottom: 1pt; 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-family: Times New Roman, Times, Serif"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" 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="padding-bottom: 1pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" 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;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Stock option grants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; layout-grid-mode: line"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13; 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   &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-family: Times New Roman, Times, Serif"&gt;445&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-family: Times New Roman, Times, Serif"&gt;412&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="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 1.5pt double; layout-grid-mode: line"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&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-family: Times New Roman, Times, Serif"&gt;522&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 1.5pt double; layout-grid-mode: line"&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-family: Times New Roman, Times, Serif"&gt;443&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="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: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;A summary of changes in outstanding&#13;options is presented below (in thousands, except share and per share amounts):&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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="3" 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="2" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Weighted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Weighted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Weighted&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="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Number&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Average&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Average&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Average&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="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 colspan="2" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Exercise&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Remaining&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Grant Date&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; text-decoration: underline"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&lt;u&gt;Options&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Shares&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="2" style="border-bottom: black 1pt solid; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" 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"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Term (yrs)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" 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"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Fair Value(000's)&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: 11pt Times New Roman, Times, Serif"&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 colspan="2" 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 colspan="2" 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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;January 1, 2017&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 Times New Roman, Times, Serif"&gt;236,385&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;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;25.35&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&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 Times New Roman, Times, Serif"&gt;6.1&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;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;2,440&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;4,555&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;37.55&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&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;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;75&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Modification&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;30.21&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&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;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;(137&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;(18,561&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;20.48&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&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; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;(163&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Outstanding at&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;March 31, 2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;222,379&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;26.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&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 Times New Roman, Times, Serif"&gt;6.2&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;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;2,215&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&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 Times New Roman, Times, Serif"&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 colspan="2" 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 colspan="2" 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: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;March 31, 2017&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 Times New Roman, Times, Serif"&gt;180,089&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="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;24.79&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 colspan="2" style="padding-bottom: 2.5pt; 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 Times New Roman, Times, Serif"&gt;5.7&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="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1,631&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" 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;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Vested during&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 colspan="2" 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 colspan="2" 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"&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 colspan="2" 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: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;March 31, 2017&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 Times New Roman, Times, Serif"&gt;26,839&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="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="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 2.5pt; 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="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="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;223&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 223px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 88px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 17px"&gt;&amp;#160;&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="width: 5px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 88px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 34px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 150px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 4px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 4px"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;The aggregate intrinsic value of&#13;exercisable in-the-money options was $2,739,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,113,000&#13;based on the market closing price of $40.00 on March 31, 2017 less exercise prices.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;The unrecognized compensation cost&#13;of options granted to FRP employees but not yet vested as of March 31, 2017 was $409,000, which is expected to be recognized over&#13;a weighted-average period of 3.9 years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;Gains of $358,000 were realized by&#13;option holders during the three months ended March 31, 2017. Patriot realized the tax benefits because these options were exercised&#13;by Patriot employees for options granted prior to the spin-off.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock>
    <FRPH:ContingentLiabilitiesTextBlock contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(8) Contingent Liabilities.&lt;/b&gt;&#13;Certain of the Company&amp;#8217;s subsidiaries are involved in litigation on a number of matters and are subject to certain claims&#13;which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for&#13;third party liability and property damage. The liability at any point in time depends upon the relative ages and amounts of the&#13;individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the&#13;Company&amp;#8217;s consolidated financial condition, results of operations or cash flows.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;Preliminary testing on the site of&#13;the Company's four phase master development known as RiverFront on the Anacostia in Washington, D.C. indicated the presence of&#13;contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company has&#13;agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development&#13;up to a cap of $1.871 million. &lt;font style="font-weight: normal"&gt;As of September 30, 2016, the excavation and foundation work for&#13;Phase 1 were substantially complete; thus, the bulk of the remediation expenses have been incurred. Management believes the total&#13;cost for remediation on Phase 1 will end up at approximately $1.9 million. &lt;/font&gt;During the quarter ending December 31, 2015,&#13;management successfully completed negotiations and entered into a $3,000,000 settlement of environmental claims on all four phases&#13;against our former tenant at the Riverfront on the Anacostia property and continues to pursue settlement negotiations with other&#13;potentially responsible parties. The Company executed a letter of intent with MRP Realty in May 2016 to develop Phase II of the&#13;Riverfront on the Anacostia project and recorded an estimated environmental remediation expense of $2.0 million for the Company&amp;#8217;s&#13;estimated liability under the proposed agreement. The Company has no obligation to remediate this contamination on Phases III and&#13;IV of the development until such time as it makes a commitment to commence construction on each phase. The Company's actual expense&#13;to address this issue may be materially higher or lower than the expense previously recorded depending upon the actual costs incurred&#13;and any reimbursement that we receive from the prior tenant.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</FRPH:ContingentLiabilitiesTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(9) Concentrations&lt;/b&gt;.&amp;#160;&#13;With the completion and occupancy of the 3rd build to suit for the same tenant at Patriot Business Park in the first quarter of&#13;fiscal 2015 this particular tenant accounted for 11% of the Company&amp;#8217;s consolidated revenues during the quarter ending March&#13;31, 2017.&amp;#160; The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee&#13;that accounted for 13.7% of the Company&amp;#8217;s consolidated revenues during the quarter ending March 31, 2017 and $130,124 of&#13;accounts receivable at March 31, 2017.&amp;#160; The termination of these lessees&amp;#8217; underlying leases could have a material adverse&#13;effect on the Company. The Company places its cash and cash equivalents with Tennessee Bank.&amp;#160; At times, such amounts may exceed&#13;FDIC limits.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(10) Fair Value Measurements.&#13;&lt;/b&gt;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 are those that are unobservable and significant to the overall fair value measurement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;As of March 31, 2017 the Company&#13;had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At March 31, 2017 and 2016, the carrying&#13;amount reported in the consolidated balance sheets for cash and cash equivalents, short-term notes payable and revolving credit&#13;approximate their fair value based upon the short-term nature of these items.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;The fair values of the Company&amp;#8217;s&#13;other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.&#13;At March 31, 2017, the carrying amount and fair value of such other long-term debt was $39,749,000 and $42,823,000, respectively.&#13;At December 31, 2016, the carrying amount and fair value of such other long-term debt was $40,745,000 and $43,747,000, respectively.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:FairValueDisclosuresTextBlock>
    <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;b&gt;(11) Investments in Joint Ventures.&#13;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"&gt;&lt;i&gt;RiverFront. &lt;/i&gt;On March 30, 2012&#13;the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (&amp;#8220;MRP&amp;#8221;) to form a joint&#13;venture to develop the first phase only of the four phase master development known as RiverFront on the Anacostia in Washington,&#13;D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square foot residential&#13;apartment building (including approximately 18,000 square feet of retail) on approximately 2 acres of the roughly 5.82 acre site.&#13;The joint venture, RiverFront Investment Partners I, LLC (&amp;#8220;RiverFront I&amp;#8221;) was formed in June 2013 as contemplated.&#13;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&#13;to the Joint Venture for a 77.14% stake in the venture. MRP contributed capital of $5,553,000 to the joint venture including development&#13;costs paid prior to formation of the joint venture. The Joint Venture closed on $17,000,000 of EB5 secondary financing and a nonrecourse&#13;construction loan for $65,000,000 on August 8, 2014. Both these financing sources are non-recourse to FRP. At the time of these&#13;financings, RiverFront Holdings I, LLC. was formed as a parent to RiverFront Investment Partners I, LLC with EB5 as an equity partner&#13;in Riverfront Holdings I, LLC. Construction commenced in October 2014, first occupancy was in August 2016 and the Company anticipates&#13;lease up to occur during all of 2017. The joint venture intends to refinance the construction loan before the initial maturity&#13;date of August 7, 2018. The Company&amp;#8217;s equity interest in the joint venture is accounted for under the equity method of accounting&#13;as MRP acts as the administrative agent of the joint venture and oversees and controls the day to day operations of the project.&#13;The company and MRP Realty executed a letter of intent in May 2016 and a Contribution Agreement in February 2017 to develop Phase&#13;II but the joint venture is not yet formed. Other income for the three months ended March 31, 2017 includes a loss of $762,000&#13;representing the Company&amp;#8217;s portion of the loss of this joint venture.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Brooksville. &lt;/i&gt;In 2006, the Company entered&#13;into a Joint Venture Agreement with Vulcan Materials Company to jointly own and develop approximately 4,300 acres of land near&#13;Brooksville, Florida. Under the terms of the joint venture, FRP contributed its fee interest in approximately 3,443 acres formerly&#13;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&#13;of the property until 2022 and pay royalties to the Company. FRP also contributed $3,018,000 for one-half of the acquisition costs&#13;of a 288-acre contiguous parcel. Vulcan contributed 553 acres that it owned as well as its leasehold interest in the 3,443 acres&#13;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&#13;is jointly controlled by Vulcan and FRP. Distributions will be made on a 50-50 basis except for royalties and depletion specifically&#13;allocated to the Company. Other income for the three months ended March 31, 2017 includes a loss of $9,000 representing the Company&amp;#8217;s&#13;portion of the loss of this joint venture.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;BC FRP Realty (Windlass Run).&lt;/i&gt; During&#13;the quarter ending March 2016, we entered into an agreement with a Baltimore development company (St. John Properties, Inc.) to&#13;jointly develop the remaining lands of our Windlass Run Business Park. The 50/50 partnership initially calls for FRP to combine&#13;its 25 acres (valued at $7,500,000) with St. John Properties&amp;#8217; adjacent 10 acres fronting on a major state highway (valued&#13;at $3,239,536) which resulted in an initial cash distribution of $2,130,232 to FRP in May, 2016. Thereafter, the venture will jointly&#13;develop the combined properties into a multi-building business park to consist of approximately 329,000 square feet of single story&#13;office space.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Investments in Joint Ventures (in thousands):&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 32%; 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;&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: 10%; 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: 11pt Times New Roman, Times, Serif"&gt;The&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"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;Total Assets&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"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Ownership&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 Times New Roman, Times, Serif"&gt;Investment&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 Times New Roman, Times, Serif"&gt;Partnership&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;&amp;#160;&lt;/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;&amp;#160;&lt;/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 Times New Roman, Times, Serif"&gt;As of March 31, 2017 &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;&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 Times New Roman, Times, Serif"&gt;RiverFront Holdings I, LLC&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 Times New Roman, Times, Serif"&gt;77.14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;$9,379&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;6,348&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;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 Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;47&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;6,396&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 Times New Roman, Times, Serif"&gt;Long-term Debt&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 Times New Roman, Times, Serif"&gt;69,042&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 Times New Roman, Times, Serif"&gt;&amp;#8212;&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 Times New Roman, Times, Serif"&gt;&amp;#8212;&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 Times New Roman, Times, Serif"&gt;69,042&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 Times New Roman, Times, Serif"&gt;Capital &amp;#8211; 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: 11pt Times New Roman, Times, Serif"&gt;10,151&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 Times New Roman, Times, Serif"&gt;7,522&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 Times New Roman, Times, Serif"&gt;5,228&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 Times New Roman, Times, Serif"&gt;22,901&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 Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;4,879&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 Times New Roman, Times, Serif"&gt;6,818&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 Times New Roman, Times, Serif"&gt;5,509&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 Times New Roman, Times, Serif"&gt;17,206&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: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total Liabilities and Capital&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: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;90,420&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&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 Times New Roman, Times, Serif"&gt;14,341&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: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;10,784&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&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 Times New Roman, Times, Serif"&gt;115,545&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: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Income statements for the RiverFront Holdings I, LLC (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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 Times New Roman, Times, Serif"&gt;Three Months Ended 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 Times New Roman, Times, Serif"&gt;2017&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 Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 71%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Revenues:&lt;/b&gt;&lt;/font&gt;&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: 10%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&amp;#160;&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;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Rental Revenue&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: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1,311&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 Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Revenue &amp;#8211; Reimbursements&lt;/font&gt;&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; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;15&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; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&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 Times New Roman, Times, Serif"&gt;Total Revenues&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 Times New Roman, Times, Serif"&gt;1,326&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 Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&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 Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost of operations:&lt;/b&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&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Depreciation and amortization&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 Times New Roman, Times, Serif"&gt;863&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 Times New Roman, Times, Serif"&gt;22&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Operating expenses&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 Times New Roman, Times, Serif"&gt;475&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 Times New Roman, Times, Serif"&gt;68&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Property taxes&lt;/font&gt;&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; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;219&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; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&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 Times New Roman, Times, Serif"&gt;Total cost of 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"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1,557&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 Times New Roman, Times, Serif"&gt;90&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 Times New Roman, Times, Serif"&gt;&lt;b&gt;Total operating profit&lt;/b&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 Times New Roman, Times, Serif"&gt;(231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;(90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;Interest expense&lt;/font&gt;&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: 11pt Times New Roman, Times, Serif"&gt;(756&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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="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 Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&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: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Net loss of the Partnership&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: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;(987&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;)&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;&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 Times New Roman, Times, Serif"&gt;(90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amount of consolidated accumulated deficit&#13;for these joint ventures&amp;#160;was $(2,134,000) and $(1,667,000) as of March 31, 2017 and December 31, 2016 respectively.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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="8" style="layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Three 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="8" style="border-bottom: black 1pt solid; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&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"&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 Times New Roman, Times, Serif"&gt;2016&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&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 Times New Roman, Times, Serif"&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&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;7,285&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 Times New Roman, Times, Serif"&gt;7,574&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;&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 Times New Roman, Times, Serif"&gt;&amp;#160;Mining royalty lands&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 Times New Roman, Times, Serif"&gt;1,762&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 Times New Roman, Times, Serif"&gt;1,778&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;&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 Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;275&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="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 Times New Roman, Times, Serif"&gt;263&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&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;9,322&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="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 Times New Roman, Times, Serif"&gt;9,615&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&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&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 Times New Roman, Times, Serif"&gt;Operating profit:&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&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 Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;Before corporate expenses:&lt;/p&gt;&#13;        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Asset management&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;3,501&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 Times New Roman, Times, Serif"&gt;3,423&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;&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 Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;Mining royalty lands&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 Times New Roman, Times, Serif"&gt;1,625&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 Times New Roman, Times, Serif"&gt;1,649&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;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&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;&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;32,984&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 Times New Roman, Times, Serif"&gt;34,080&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 Times New Roman, Times, Serif"&gt;39,749&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 Times New Roman, Times, Serif"&gt;40,745&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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;4,599&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 Times New Roman, Times, Serif"&gt;4,526&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="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 Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;35,150&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 Times New Roman, Times, Serif"&gt;36,219&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="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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 Times New Roman, Times, Serif"&gt;Three 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 Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;2017&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 Times New Roman, Times, Serif"&gt;2016&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: 11pt Times New Roman, Times, Serif"&gt;Weighted average common shares outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" 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"&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 Times New Roman, Times, Serif"&gt;&amp;#160;during the period &amp;#8211; shares used for basic&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" 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"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 69%; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;earnings per common share&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: 13%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;9,931&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: 13%; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;9,853&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; 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 Times New Roman, Times, Serif"&gt;Common shares issuable under share based&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;&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 Times New Roman, Times, Serif"&gt;&amp;#160;payment plans which are potentially dilutive&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 Times New Roman, Times, Serif"&gt;70&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 Times New Roman, Times, Serif"&gt;40&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; 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 Times New Roman, Times, Serif"&gt;Common shares used for diluted&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;&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: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;earnings per common share&lt;/font&gt;&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 Times New Roman, Times, Serif"&gt;10,001&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 Times New Roman, Times, Serif"&gt;9,893&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; 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: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&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 Times New Roman, Times, Serif"&gt;1,443&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 Times New Roman, Times, Serif"&gt;1,820&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; 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 Times New Roman, Times, Serif"&gt;Earnings per common share:&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;&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: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;Basic&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;0.15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;0.18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;Diluted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; 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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"&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;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
    <us-gaap:EquityMethodInvestmentsTextBlock contextRef="From2017-01-01to2017-03-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 32%; 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;&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: 10%; 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; 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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 Times New Roman, Times, Serif"&gt;69,042&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 Times New Roman, Times, Serif"&gt;Capital &amp;#8211; 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: 11pt Times New Roman, Times, Serif"&gt;10,151&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 Times New Roman, Times, Serif"&gt;7,522&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 Times New Roman, Times, Serif"&gt;5,228&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 Times New Roman, Times, Serif"&gt;22,901&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 Times New Roman, Times, Serif"&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: 11pt Times New Roman, Times, Serif"&gt;4,879&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 Times New Roman, Times, Serif"&gt;6,818&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 Times New Roman, Times, Serif"&gt;5,509&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 Times New Roman, Times, Serif"&gt;17,206&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; 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   &lt;td style="border-bottom: black 2.25pt double; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;115,545&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:RealEstateInvestmentFinancialStatementsDisclosureTextBlock>
    <FRPH:RiverfrontHoldingsIncomeStatements contextRef="From2017-01-01to2017-03-31">&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&gt;&#13;    &lt;td style="vertical-align: bottom; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Three Months Ended March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 71%; font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Revenues:&lt;/b&gt;&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: 10%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&amp;#160;&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Rental Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1,311&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Revenue - Reimbursements&lt;/font&gt;&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;15&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;Total Revenues&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1,326&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#8212;&amp;#160;&amp;#160;&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost of operations:&lt;/b&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&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Depreciation and amortization&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;863&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;22&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Operating expenses&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;475&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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;68&lt;/font&gt;&lt;/td&gt;&#13; 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layout-grid-mode: line"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Tahoma, Helvetica, Sans-Serif; 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: 12pt Tahoma, Helvetica, Sans-Serif; layout-grid-mode: line"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&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&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&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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    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2017-01-01to2017-03-31_custom_WellsFargoMember">1.4%</us-gaap:LineOfCreditFacilityInterestRateDescription>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2017-01-01to2017-03-31_custom_FirstTennesseeMember">1.9%</us-gaap:LineOfCreditFacilityInterestRateDescription>
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    <us-gaap:LettersOfCreditOutstandingAmount contextRef="AsOf2017-03-31_custom_WellsFargoMember" unitRef="USD" decimals="-3">2263000</us-gaap:LettersOfCreditOutstandingAmount>
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    <us-gaap:AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements contextRef="AsOf2017-03-31_custom_WellsFargoMember" unitRef="USD" decimals="-3">75500000</us-gaap:AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements>
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    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="From2017-01-01to2017-03-31">20% or 25%</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
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    <dei:DocumentFiscalYearFocus contextRef="From2017-01-01to2017-03-31">2017</dei:DocumentFiscalYearFocus>
    <us-gaap:IncomeTaxReceivable contextRef="AsOf2017-03-31" unitRef="USD" decimals="-3">2608000</us-gaap:IncomeTaxReceivable>
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    <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="From2017-01-01to2017-03-31" unitRef="USD" decimals="-3">74000</us-gaap:PaymentsForRepurchaseOfCommonStock>
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    <FRPH:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue contextRef="From2017-01-01to2017-03-31" unitRef="USD" decimals="-3">137000</FRPH:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue>
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    <FRPH:EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses contextRef="AsOf2017-03-31_custom_BrooksvilleJointVentureMember" unitRef="USD" decimals="-3">5000</FRPH:EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses>
    <FRPH:EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses contextRef="AsOf2017-03-31_custom_BCFRPRealtyJointVentureMember" unitRef="USD" decimals="-3">0</FRPH:EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses>
    <FRPH:EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses contextRef="AsOf2017-03-31_custom_JointVenturesMember" unitRef="USD" decimals="-3">165000</FRPH:EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses>
    <FRPH:EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts contextRef="AsOf2017-03-31_custom_RiverfrontIJointVentureMember20010763" unitRef="USD" decimals="-3">955000</FRPH:EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts>
    <FRPH:EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts contextRef="AsOf2017-03-31_custom_BrooksvilleJointVentureMember" unitRef="USD" decimals="-3">0</FRPH:EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts>
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    <element id="FRPH_AreaOfLandAcquired" name="AreaOfLandAcquired" nillable="true" xbrli:periodType="instant" type="num:areaItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_AreaOfLandContributedVulcan" name="AreaOfLandContributedVulcan" nillable="true" xbrli:periodType="instant" type="num:areaItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_DeferredLeaseIntangibleNet" name="DeferredLeaseIntangibleNet" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_OperatingCostsDepreciationDepletionAmortization" name="OperatingCostsDepreciationDepletionAmortization" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_CostofRemediation" name="CostofRemediation" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="FRPH_AreaofLandtoDevelop" name="AreaofLandtoDevelop" nillable="true" xbrli:periodType="instant" type="num:areaItemType" substitutionGroup="xbrli:item" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>9
<FILENAME>frph-20170331_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: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Source; Value: frph10qmar17.xfr; Date: 2017%2D05%2D05T14:10:12Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>11
<FILENAME>frph-20170331_lab.xml
<DESCRIPTION>XBRL LABEL FILE
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_FirstTennesseeTermMember" xlink:to="FRPH_FirstTennesseeTermMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_FirstTennesseeTermMember_lbl" xml:lang="en-US">First Tennessee bank Term Loan</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_AssetManagementTopCustomerMember" xlink:label="FRPH_AssetManagementTopCustomerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_AssetManagementTopCustomerMember" xlink:to="FRPH_AssetManagementTopCustomerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_AssetManagementTopCustomerMember_lbl" xml:lang="en-US">Asset Management Top Customer</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20170331.xsd#FRPH_StJohnsPropertiesJointVenture_StJohnsMember" xlink:label="FRPH_StJohnsPropertiesJointVenture_StJohnsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_StJohnsPropertiesJointVenture_StJohnsMember" xlink:to="FRPH_StJohnsPropertiesJointVenture_StJohnsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_StJohnsPropertiesJointVenture_StJohnsMember_lbl" xml:lang="en-US">St Johns Properties JV St Johns</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_BCFRPRealtyJointVentureMember" xlink:label="FRPH_BCFRPRealtyJointVentureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_BCFRPRealtyJointVentureMember" xlink:to="FRPH_BCFRPRealtyJointVentureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_BCFRPRealtyJointVentureMember_lbl" xml:lang="en-US">BC FRP Realty, LLC</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_JointVenturesMember" xlink:label="FRPH_JointVenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_JointVenturesMember" xlink:to="FRPH_JointVenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_JointVenturesMember_lbl" xml:lang="en-US">Joint Ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">Investments in joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">Lines of credit payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 liability</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BankOverdrafts" xlink:label="us-gaap_BankOverdrafts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BankOverdrafts" xlink:to="us-gaap_BankOverdrafts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BankOverdrafts_lbl" xml:lang="en-US">Bank overdraft</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20170331.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">Shareholders' Equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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, 9,941,098 and 9,914,054 shares issued and outstanding, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 income, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">Mining Royalty and rents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20170331.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 (recovery)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 (Note 4 Related Party)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Total operating profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">Gain on investment land sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 before income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/label" 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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings per common share:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/label" 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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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>
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      <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" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xml:lang="en-US">Gain on sale of equipment and property</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:type="arc" />
      <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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_lbl" xlink:type="arc" />
      <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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Deferred costs and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
      <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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Investments in joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:label="us-gaap_PaymentsForProceedsFromProductiveAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:to="us-gaap_PaymentsForProceedsFromProductiveAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForProceedsFromProductiveAssets_lbl" xml:lang="en-US">Proceeds from the sale of real estate held for investment and properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" xlink:label="us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" xlink:to="us-gaap_ProceedsFromRepaymentsOfBankOverdrafts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfBankOverdrafts_lbl" xml:lang="en-US">Increase (decrease) in bank overdrafts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" xlink:label="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" xlink:to="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions_lbl" xlink:type="arc" />
      <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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />
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      <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>
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      <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-20170331.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:label="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:to="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_lbl" xml:lang="en-US">Recently Issued Accounting Standards</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="us-gaap_LongTermDebtTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtTextBlock_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_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_2_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Earnings per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" xlink:label="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_lbl" xml:lang="en-US">Stock-Based Compensation Plans</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ContingentLiabilitiesTextBlock" xlink:to="FRPH_ContingentLiabilitiesTextBlock_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentrations</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Financial Information for the Investments in Joint Ventures (in thousands)</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_RiverfrontHoldingsIncomeStatements" xlink:label="FRPH_RiverfrontHoldingsIncomeStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_RiverfrontHoldingsIncomeStatements" xlink:to="FRPH_RiverfrontHoldingsIncomeStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_RiverfrontHoldingsIncomeStatements_lbl" xml:lang="en-US">Income statements for Riverfront Holdings I, LLC (in thousands)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="frph-20170331.xsd#FRPH_OperatingProfitBeforeCorporateExpenses" xlink:label="FRPH_OperatingProfitBeforeCorporateExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_OperatingProfitBeforeCorporateExpenses" xlink:to="FRPH_OperatingProfitBeforeCorporateExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_OperatingProfitBeforeCorporateExpenses_lbl" xml:lang="en-US">Operating profit before corporate expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Operating profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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: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/2016/elts/us-gaap-2016-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_4_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 agreements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebtCurrent" xlink:to="us-gaap_SecuredDebtCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SecuredDebtCurrent_2_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/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US">Earnings Per Share, Basic and Diluted [Abstract]</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/2016/elts/us-gaap-2016-01-31.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_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/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Options outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2009/role/negatedLabel" 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/2016/elts/us-gaap-2016-01-31.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/2009/role/negatedLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Options exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options outstanding weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="frph-20170331.xsd#FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsModificationsInPeriodWeightedAverageExercisePrice" xlink:label="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsModificationsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsModificationsInPeriodWeightedAverageExercisePrice" xlink:to="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsModificationsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsModificationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Options outstanding weighted average exercise price - modification</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20170331.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:loc xlink:type="locator" xlink:href="frph-20170331.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-20170331.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/label" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Options outstanding weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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-20170331.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-20170331.xsd#FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue" xlink:to="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="FRPH_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Options modified weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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/2009/role/negatedLabel" 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-20170331.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-20170331.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US">Options exercisable at March 31, 2017</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20170331.xsd#FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3" xlink:to="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3_lbl" xml:lang="en-US">Options exerciseable weighted average remaining term</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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/2016/elts/us-gaap-2016-01-31.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 three months ended March 31, 2017</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20170331.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-20170331.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-20170331.xsd#FRPH_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses" xlink:to="FRPH_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses_lbl" xml:lang="en-US">Prepaid expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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:loc xlink:type="locator" xlink:href="frph-20170331.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/2009/role/negatedLabel" xlink:label="FRPH_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts_lbl" xml:lang="en-US">Amortizable debt costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20170331.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xml:lang="en-US">Rental revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReimbursementRevenue" xlink:label="us-gaap_ReimbursementRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReimbursementRevenue" xlink:to="us-gaap_ReimbursementRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReimbursementRevenue_lbl" xml:lang="en-US">Revenue - Reimbursements</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">Total revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</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">Total cost of operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingIncomeLoss_3_lbl" xml:lang="en-US">Total operating profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xml:lang="en-US">Net loss of the Partnership</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="us-gaap_NumberOfReportableSegments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfReportableSegments" xlink:to="us-gaap_NumberOfReportableSegments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xml:lang="en-US">Reportable business segments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Mining royalty lands acres</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExtinguishmentOfDebtAxis" xlink:label="us-gaap_ExtinguishmentOfDebtAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExtinguishmentOfDebtAxis" xlink:to="us-gaap_ExtinguishmentOfDebtAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExtinguishmentOfDebtAxis_lbl" xml:lang="en-US">Extinguishment of Debt [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtDescription" xlink:label="us-gaap_LongTermDebtDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtDescription" xlink:to="us-gaap_LongTermDebtDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtDescription_lbl" xml:lang="en-US">Mortgage interest description</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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/2016/elts/us-gaap-2016-01-31.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-20170331.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount" xlink:label="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount" xlink:to="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount_lbl" xml:lang="en-US">Term loan facility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription" xlink:label="us-gaap_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription" xlink:to="us-gaap_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription_lbl" xml:lang="en-US">Revolver conversion to term loan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">Available for borrowing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumNetWorthRequiredForCompliance" xlink:label="us-gaap_MinimumNetWorthRequiredForCompliance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumNetWorthRequiredForCompliance" xlink:to="us-gaap_MinimumNetWorthRequiredForCompliance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumNetWorthRequiredForCompliance_lbl" xml:lang="en-US">Tangible net worth covenant</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements" xlink:label="us-gaap_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements" xlink:to="us-gaap_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements_lbl" xml:lang="en-US">Available to pay dividends or repurchase stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Capitalized interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateDescription" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityInterestRateDescription" xlink:to="us-gaap_LineOfCreditFacilityInterestRateDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDescription_lbl" xml:lang="en-US">Revolver interest over LIBOR</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:label="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:to="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_lbl" xml:lang="en-US">Commitment fee</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="frph-20170331.xsd#FRPH_StockOptionPlans" xlink:label="FRPH_StockOptionPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_StockOptionPlans" xlink:to="FRPH_StockOptionPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_StockOptionPlans_lbl" xml:lang="en-US">Number of stock option plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_lbl" xml:lang="en-US">Exercisable installments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20170331.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-20170331.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_lbl" xml:lang="en-US">Expected minimum volatility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_lbl" xml:lang="en-US">Expected maximum volatility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_lbl" xml:lang="en-US">Risk-free interest rate minimum</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_lbl" xml:lang="en-US">Risk-free interest rate maximum</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum" xlink:to="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum_lbl" xml:lang="en-US">Expected life minimum</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum" xlink:to="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum_lbl" xml:lang="en-US">Expecited life maximum</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xml:lang="en-US">Dividend yield</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost_lbl" xml:lang="en-US">Modification stock compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_ContingentLiabilitiesDetailsNarrativeAbstract" xlink:label="FRPH_ContingentLiabilitiesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_ContingentLiabilitiesDetailsNarrativeAbstract" xlink:to="FRPH_ContingentLiabilitiesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_ContingentLiabilitiesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Contingent Liabilities Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:label="us-gaap_LossContingencyEstimateOfPossibleLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:to="us-gaap_LossContingencyEstimateOfPossibleLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyEstimateOfPossibleLoss_lbl" xml:lang="en-US">Cap on environment financial responsibility</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EnvironmentalRemediationExpense" xlink:to="us-gaap_EnvironmentalRemediationExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EnvironmentalRemediationExpense_2_lbl" xml:lang="en-US">Environmental remediation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RecoveryOfDirectCosts" xlink:label="us-gaap_RecoveryOfDirectCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RecoveryOfDirectCosts" xlink:to="us-gaap_RecoveryOfDirectCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RecoveryOfDirectCosts_lbl" xml:lang="en-US">Environmental remediation recovery</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 concentration</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_NumberOfTenants" xlink:label="FRPH_NumberOfTenants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_NumberOfTenants" xlink:to="FRPH_NumberOfTenants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_NumberOfTenants_lbl" xml:lang="en-US">Tenants leasing mining locations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20170331.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfLand" xlink:to="us-gaap_AreaOfLand_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AreaOfLand_2_lbl" xml:lang="en-US">Land acreage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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: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/2016/elts/us-gaap-2016-01-31.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">Other ownership capital contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.xsd#FRPH_AreaOfLandContributedStJohn" xlink:label="FRPH_AreaOfLandContributedStJohn" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FRPH_AreaOfLandContributedStJohn" xlink:to="FRPH_AreaOfLandContributedStJohn_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FRPH_AreaOfLandContributedStJohn_lbl" xml:lang="en-US">St Johns land contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="frph-20170331.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/2016/elts/us-gaap-2016-01-31.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-20170331.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20170331.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-20170331.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: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/2009/role/negatedTerseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_4_lbl" xml:lang="en-US">Company's share of the loss of the joint venture</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:label="us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:to="us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees_lbl" xml:lang="en-US">Joint Venture consolidated retained earnings</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="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_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, Plant and Equipment, Net</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_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_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_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_2_lbl" xml:lang="en-US">Gain (Loss) on Disposition of Property Plant Equipment</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_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">Payments to Acquire Interest in Joint Venture</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_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_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_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>
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<DOCUMENT>
<TYPE>EX-101.PRE
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830223728">
<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">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2017 </div>
<div>shares</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">&#160;<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,  2017<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">--12-31<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>
</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_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">9,941,098<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_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q1<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_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2017<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_DocumentAndEntityInformationAbstract">
<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 );">- References</a><div><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_DocumentAndEntityInformationAbstract</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: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_dei_AmendmentFlag">
<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>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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</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_dei_CurrentFiscalYearEndDate">
<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>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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</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_dei_DocumentFiscalPeriodFocus">
<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 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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</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_dei_DocumentFiscalYearFocus">
<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 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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</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_dei_DocumentPeriodEndDate">
<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 end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</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_dei_DocumentType">
<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 type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</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;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</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_dei_EntityCentralIndexKey">
<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 unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</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_dei_EntityCommonStockSharesOutstanding">
<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>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</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;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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_dei_EntityCurrentReportingStatus">
<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>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</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;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_dei_EntityFilerCategory">
<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>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</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;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</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_dei_EntityRegistrantName">
<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 exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</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_dei_EntityVoluntaryFilers">
<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>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></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;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_dei_EntityWellKnownSeasonedIssuer">
<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>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</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;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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>14
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832514560">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</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_AssetsAbstract', window );"><strong>Assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 99,417<span></span>
</td>
<td class="nump">$ 99,417<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">196,821<span></span>
</td>
<td class="nump">195,443<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">14,100<span></span>
</td>
<td class="nump">11,779<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">310,338<span></span>
</td>
<td class="nump">306,639<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">84,109<span></span>
</td>
<td class="nump">82,392<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">226,229<span></span>
</td>
<td class="nump">224,247<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">7,176<span></span>
</td>
<td class="nump">7,176<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 );">Investments in joint ventures</a></td>
<td class="nump">22,232<span></span>
</td>
<td class="nump">22,901<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_Investments', window );">Net real estate investments</a></td>
<td class="nump">255,637<span></span>
</td>
<td class="nump">254,324<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 and cash equivalents</a></td>
<td class="nump">106<span></span>
</td>
<td class="nump">0<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">586<span></span>
</td>
<td class="nump">710<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">2,608<span></span>
</td>
<td class="nump">0<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_DeferredRentReceivablesNet', window );">Unrealized rents</a></td>
<td class="nump">4,412<span></span>
</td>
<td class="nump">4,562<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_DeferredCosts', window );">Deferred costs</a></td>
<td class="nump">5,989<span></span>
</td>
<td class="nump">6,786<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_OtherAssets', window );">Other assets</a></td>
<td class="nump">179<span></span>
</td>
<td class="nump">178<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_Assets', window );">Total assets</a></td>
<td class="nump">269,517<span></span>
</td>
<td class="nump">266,560<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_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Lines of credit payable</a></td>
<td class="nump">6,765<span></span>
</td>
<td class="nump">6,665<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_SecuredDebtCurrent', window );">Secured notes payable, current portion</a></td>
<td class="nump">4,599<span></span>
</td>
<td class="nump">4,526<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_SecuredLongTermDebt', window );">Secured notes payable, less current portion</a></td>
<td class="nump">28,385<span></span>
</td>
<td class="nump">29,554<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">4,000<span></span>
</td>
<td class="nump">3,747<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_AccruedEnvironmentalLossContingenciesCurrent', window );">Environmental remediation liability</a></td>
<td class="nump">2,037<span></span>
</td>
<td class="nump">2,037<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_BankOverdrafts', window );">Bank overdraft</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">254<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_TaxesPayableCurrentAndNoncurrent', window );">Federal and state income taxes payable</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">887<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_DeferredRevenue', window );">Deferred revenue</a></td>
<td class="nump">648<span></span>
</td>
<td class="nump">1,126<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">19,547<span></span>
</td>
<td class="nump">16,455<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_DeferredCompensationLiabilityCurrent', window );">Deferred compensation</a></td>
<td class="nump">1,484<span></span>
</td>
<td class="nump">1,475<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_DeferredLeaseIntangibleNet', window );">Deferred lease intangible, net</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">9<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_SecurityDepositLiability', window );">Tenant security deposits</a></td>
<td class="nump">955<span></span>
</td>
<td class="nump">1,005<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_Liabilities', window );">Total liabilities</a></td>
<td class="nump">68,425<span></span>
</td>
<td class="nump">67,740<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_CommitmentsAndContingencies', window );">Commitments and contingencies (Note 8)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_StockholdersEquityAbstract', window );"><strong>Shareholders' Equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_CommonStockValueOutstanding', window );">Common stock, $.10 par value; 25,000,000 shares authorized, 9,941,098 and 9,914,054 shares issued and outstanding, respectively</a></td>
<td class="nump">994<span></span>
</td>
<td class="nump">991<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Capital in excess of par value</a></td>
<td class="nump">53,536<span></span>
</td>
<td class="nump">52,647<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsUnappropriated', window );">Retained earnings</a></td>
<td class="nump">146,548<span></span>
</td>
<td class="nump">145,168<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income, net</a></td>
<td class="nump">14<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
<td class="nump">201,092<span></span>
</td>
<td class="nump">198,820<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 269,517<span></span>
</td>
<td class="nump">$ 266,560<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 );">- References</a><div><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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(1),(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 410<br> -SubTopic 30<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6393242&amp;loc=d3e13207-110859<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 410<br> -SubTopic 30<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6393242&amp;loc=d3e13237-110859<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669686-108580<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_AssetsAbstract">
<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 );">- References</a><div><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_AssetsAbstract</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_BankOverdrafts">
<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 payments made in excess of existing cash balances, which will be honored by the bank but reflected as a loan to the entity. Overdrafts generally have a very short time frame for correction or repayment and are therefore more similar to short-term bank financing than trade financing.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=28361426&amp;loc=d3e1243-112600<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_BankOverdrafts</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 30<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20028-108363<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 25<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6409733&amp;loc=d3e19512-108361<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 25<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39927-112707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<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, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e31931-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e31958-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e31917-109318<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 );">- References</a><div><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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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>Amount of assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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_StockholdersEquityAbstract</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><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxesPayableCurrentAndNoncurrent">
<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 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;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_TaxesPayableCurrentAndNoncurrent</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>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758434592">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</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_StatementOfFinancialPositionAbstract', window );"><strong>Statement of Financial Position [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
<td class="nump">$ 0.10<span></span>
</td>
<td class="nump">$ 0.10<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_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
<td class="nump">25,000,000<span></span>
</td>
<td class="nump">25,000,000<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_CommonStockSharesIssued', window );">Common stock, shares issued and outstanding</a></td>
<td class="nump">9,941,098<span></span>
</td>
<td class="nump">9,914,054<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_CommonStockParOrStatedValuePerShare">
<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>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;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_CommonStockParOrStatedValuePerShare</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_CommonStockSharesAuthorized">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_CommonStockSharesAuthorized</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_CommonStockSharesIssued">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:sharesItemType</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>instant</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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_StatementOfFinancialPositionAbstract</td>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832165664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</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_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesIncomeStatementLeaseRevenue', window );">Rental revenue</a></td>
<td class="nump">$ 6,283<span></span>
</td>
<td class="nump">$ 6,089<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_RevenueMineralSales', window );">Mining Royalty and rents</a></td>
<td class="nump">1,739<span></span>
</td>
<td class="nump">1,756<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_TenantReimbursements', window );">Revenue - reimbursements</a></td>
<td class="nump">1,300<span></span>
</td>
<td class="nump">1,770<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">9,322<span></span>
</td>
<td class="nump">9,615<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">&#160;<span></span>
</td>
<td class="text">&#160;<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">2,059<span></span>
</td>
<td class="nump">1,929<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">1,001<span></span>
</td>
<td class="nump">1,531<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">1,062<span></span>
</td>
<td class="nump">1,142<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">469<span></span>
</td>
<td class="nump">496<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 (Note 4 Related Party)</a></td>
<td class="nump">1,327<span></span>
</td>
<td class="nump">1,008<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">5,918<span></span>
</td>
<td class="nump">6,106<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_OperatingIncomeLoss', window );">Total operating profit</a></td>
<td class="nump">3,404<span></span>
</td>
<td class="nump">3,509<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">0<span></span>
</td>
<td class="nump">1<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">(248)<span></span>
</td>
<td class="num">(415)<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">(771)<span></span>
</td>
<td class="num">(86)<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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic', window );">Income before income taxes</a></td>
<td class="nump">2,385<span></span>
</td>
<td class="nump">3,009<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_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
<td class="nump">942<span></span>
</td>
<td class="nump">1,189<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_ProfitLoss', window );">Net income</a></td>
<td class="nump">1,443<span></span>
</td>
<td class="nump">1,820<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_ComprehensiveIncomeNetOfTax', window );">Comprehensive income</a></td>
<td class="nump">$ 1,443<span></span>
</td>
<td class="nump">$ 1,820<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_EarningsPerShareAbstract', window );"><strong>Earnings per common share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Basic</a></td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.18<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 );">Diluted</a></td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="nump">$ 0.18<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_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Number of shares (in thousands) used in computing:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_WeightedAverageNumberOfSharesOutstandingBasic', window );">-basic earnings per common share</a></td>
<td class="nump">9,931<span></span>
</td>
<td class="nump">9,853<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 );">-diluted earnings per common share</a></td>
<td class="nump">10,001<span></span>
</td>
<td class="nump">9,893<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 );">- References</a><div><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_ComprehensiveIncomeNetOfTax">
<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 tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e557-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<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_ComprehensiveIncomeNetOfTax</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_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 );">- References</a><div><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_EarningsPerShareAbstract</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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 );">- References</a><div><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_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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 );">- References</a><div><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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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 );">- References</a><div><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_WeightedAverageNumberOfSharesOutstandingAbstract</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>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830178992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</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">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 1,443<span></span>
</td>
<td class="nump">$ 1,820<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">&#160;<span></span>
</td>
<td class="text">&#160;<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">2,136<span></span>
</td>
<td class="nump">1,998<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_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes</a></td>
<td class="nump">3,092<span></span>
</td>
<td class="num">(599)<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="nump">771<span></span>
</td>
<td class="nump">86<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_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain on sale of equipment and property</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1)<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">522<span></span>
</td>
<td class="nump">443<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_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>Net changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">124<span></span>
</td>
<td class="num">(242)<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_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Deferred costs and other assets</a></td>
<td class="nump">559<span></span>
</td>
<td class="nump">228<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_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
<td class="num">(225)<span></span>
</td>
<td class="num">(227)<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_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable', window );">Income taxes payable and receivable</a></td>
<td class="num">(3,495)<span></span>
</td>
<td class="num">(251)<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_IncreaseDecreaseInOtherNoncurrentLiabilities', window );">Other long-term liabilities</a></td>
<td class="num">(45)<span></span>
</td>
<td class="nump">34<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_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="nump">4,882<span></span>
</td>
<td class="nump">3,289<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_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Investments in properties</a></td>
<td class="num">(3,729)<span></span>
</td>
<td class="num">(956)<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 );">Investments in joint ventures</a></td>
<td class="num">(104)<span></span>
</td>
<td class="num">(145)<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">0<span></span>
</td>
<td class="num">(1)<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">(3,833)<span></span>
</td>
<td class="num">(1,102)<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">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProceedsFromRepaymentsOfBankOverdrafts', window );">Increase (decrease) in bank overdrafts</a></td>
<td class="num">(254)<span></span>
</td>
<td class="nump">549<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_RepaymentsOfLongTermDebt', window );">Repayment of long-term debt</a></td>
<td class="num">(1,096)<span></span>
</td>
<td class="num">(1,036)<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_ProceedsFromLinesOfCredit', window );">Proceeds from borrowing on revolving credit facility</a></td>
<td class="nump">6,007<span></span>
</td>
<td class="nump">3,222<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_RepaymentsOfLinesOfCredit', window );">Payment on revolving credit facility</a></td>
<td class="num">(5,907)<span></span>
</td>
<td class="num">(5,106)<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_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of Company Stock</a></td>
<td class="num">(74)<span></span>
</td>
<td class="nump">0<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_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions', window );">Exercise of employee stock options</a></td>
<td class="nump">381<span></span>
</td>
<td class="nump">184<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_NetCashProvidedByUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
<td class="num">(943)<span></span>
</td>
<td class="num">(2,187)<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase in cash and cash equivalents</a></td>
<td class="nump">106<span></span>
</td>
<td class="nump">0<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_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<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 and cash equivalents at end of the period</a></td>
<td class="nump">$ 106<span></span>
</td>
<td class="nump">$ 0<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 );">- References</a><div><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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=63044130<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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>
</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_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable">
<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 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>
</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_IncreaseDecreaseInOperatingAssetsAbstract">
<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 );">- References</a><div><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_IncreaseDecreaseInOperatingAssetsAbstract</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_IncreaseDecreaseInOtherNoncurrentLiabilities">
<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 noncurrent operating liabilities classified as other.</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>
</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_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>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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>
</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_IncreaseDecreaseInRestrictedCash">
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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>
</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_NetCashProvidedByUsedInFinancingActivities">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<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>
</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_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 );">- References</a><div><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_NetCashProvidedByUsedInFinancingActivitiesAbstract</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_NetCashProvidedByUsedInInvestingActivities">
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<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>
</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_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<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 );">- References</a><div><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_NetCashProvidedByUsedInInvestingActivitiesAbstract</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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 );">- References</a><div><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_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_PaymentsForRepurchaseOfCommonStock">
<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 to reacquire common stock 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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>
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<tr>
<td><strong> Balance Type:</strong></td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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>
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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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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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>
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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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts">
<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 from the excess drawing from an existing cash balance, which will be honored by the bank but reflected as a loan to the drawer.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3095-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3098-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_ProceedsFromRepaymentsOfBankOverdrafts</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>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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>
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<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLinesOfCredit">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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_RepaymentsOfLinesOfCredit</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></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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_RepaymentsOfLongTermDebt</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6822971472">
<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">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</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_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<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_BasisOfAccounting', window );">Basis of Presentation</a></td>
<td class="text"><p style="margin: 0pt"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(1) Description of Business and Basis of
Presentation. </b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FRP Holdings, Inc. (&#8220;FRP&#8221; or the
&#8220;Company&#8221;) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership,
leasing and management, (ii) mining royalty land ownership and leasing and (iii) land acquisition, entitlement and development
primarily for future warehouse/office or residential building construction.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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;). Our
investment in the Brooksville joint venture, BC FRP Realty joint venture and Riverfront Investment Partners I, LLC are accounted
for under the equity method of accounting (See Note 12). These statements have been prepared in accordance with accounting principles
generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not
include all the information and footnotes required by accounting principles generally accepted in the United States of America
for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals)
considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the
three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December
31, 2017. 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&#8217;s Form 10-K for the year ended September 30, 2016.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 19, 2016, the Executive Committee
of the Board of Directors approved the change in the Company&#8217;s fiscal year end from September 30 to December 31. The quarter
ended December 31, 2016 was a transition period.</p>



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<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>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Recently Issued Accounting Standards<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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</td>
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<tr class="ro">
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(2) Recently Issued Accounting Standards.
</b>In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases&#8221;, which requires lessees to recognize a right-to-use
asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset
and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant
judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent
to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2020
and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the
standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact
on its financial statements.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU No. 2017-01,
&#8220;Business Combinations (Topic 805): Clarifying the Definition of a Business&#8221;, to clarify the definition of a business
with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions
of assets or businesses. To be considered a business, an acquisition would have to include an input and a substantive process that
together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input
and a substantive process are present. To be a business without outputs, there will now need to be an organized workforce. ASU
2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset
(or a group of similar assets), the assets acquired would not represent a business. The amendments in the update are effective
for the Company&#8217;s financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within
those years. Early adoption is permitted. The Company is currently evaluating the amendments from this Update, but expects it to
change the treatment of building acquisitions from being considered a business to being considered an asset. This change will result
in acquisition costs being capitalized as part of the asset acquisition, whereas current treatment has them recognized in earnings
in the period incurred.</p>



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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64853466&amp;loc=d3e22580-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Direct Effects of a Change in Accounting Principle<br> -URI http://asc.fasb.org/extlink&amp;oid=66092750<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Indirect Effects of a Change in Accounting Principle<br> -URI http://asc.fasb.org/extlink&amp;oid=6515603<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=68064558&amp;loc=d3e765-108305<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Accounting Change<br> -URI http://asc.fasb.org/extlink&amp;oid=6503790<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64853466&amp;loc=d3e22499-107794<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.10-01.(b)(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=27015980&amp;loc=d3e46468-122699<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64853466&amp;loc=d3e22583-107794<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Change in Accounting Principle<br> -URI http://asc.fasb.org/extlink&amp;oid=6507316<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=68064558&amp;loc=d3e725-108305<br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Retrospective Application<br> -URI http://asc.fasb.org/extlink&amp;oid=6523989<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6823006736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Segments<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><b>(3) Business Segments.</b> The
Company is reporting its financial performance based on three reportable segments, Asset Management, Mining Royalty Lands and Land
Development and Construction, as described below.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The Asset Management segment owns,
leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 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 (this does not
include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials).&#160; Other than one location in Virginia,
all of these properties are located in Florida and Georgia.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; 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.&#160; 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, or joint venture with, third parties.</p>

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financial data for the Company&#8217;s business segments are as follows (in thousands):</p>

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    <td style="layout-grid-mode: line">&#160;</td>
    <td style="layout-grid-mode: line">&#160;</td>
    <td style="layout-grid-mode: line">&#160;</td>
    <td style="layout-grid-mode: line">&#160;</td>
    <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>
    <td style="layout-grid-mode: line; text-align: right">&#160;</td>
    <td style="layout-grid-mode: line">&#160;</td>
    <td style="layout-grid-mode: line">&#160;</td>
    <td style="layout-grid-mode: line">&#160;</td>
    <td style="layout-grid-mode: line; text-align: right">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6620817168">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions<br></strong></div></th>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><b>(4) Related Party Transactions.
</b>The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation
Holding, Inc. (Patriot). The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain services
that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective
companies amended and extended this agreement for one year effective April 1, 2017.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The consolidated statements of income
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2017 and 2016, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation
expense. These charges are reflected as part of corporate expenses.</p>

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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>



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<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>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6823006736">
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">On January 30, 2015, the Company
entered into a five year credit agreement with Wells Fargo with a maximum facility amount of $20 million (the &#34;Credit Agreement&#34;).
The Credit Agreement provides a revolving credit facility (the &#8220;Revolver&#8221;) with a $10 million sublimit available for
standby letters of credit. As of March 31, 2017, there was $5,799,000 outstanding on the revolver, $2,263,000 outstanding under
letters of credit and $11,938,000 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, 2017, the tangible net worth covenant would have limited our ability
to pay dividends or repurchase stock with borrowed funds to a maximum of $75.5 million combined. The Company was in compliance
with all covenants as of March 31, 2017.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">On July 24, 2015 the Company closed
on a five year, $20 million secured revolver with First Tennessee Bank with a twenty-four month window to convert up to the full
amount of the facility into a ten year term loan. Interest accrues at 1.90% over one month LIBOR plus an annual commitment fee
of 0.10%. As of March 31, 2017, there was $966,000 outstanding on the revolver and $19,034,000 available for borrowing. The Company
expects to close on a second facility with First Tennessee Bank with a $20 million ten year term loan secured by to-be-determined
collateral from our current pool of unencumbered warehouse/office properties during 2017. 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: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">During the three months ended March
31, 2017 and March 31, 2016 the Company capitalized interest costs of $370,000 and $242,000, respectively.</p>



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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1278-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6822974368">
<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">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</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_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>(7) Stock-Based Compensation Plans.
</b>The Company' has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which
options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock
options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under
the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock
based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative
installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues
new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for
future issuance was 569,917 at March 31, 2017.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The Company utilizes the Black-Scholes
valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated
based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 35% and 46%, risk-free
interest rate of .3% to 4.2% and expected life of .25 to 7.0 years.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The dividend yield of zero is based
on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility
is estimated based on the Company&#8217;s historical experience over a period equivalent to the expected life in years. The risk-free
interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the
expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options
by the employees.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">As previously disclosed, Thompson
S. Baker II resigned from his position as CEO and from the board of directors on March 13. 2017. In recognition of his outstanding
service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which will expire 90
days following the termination of his employment. The vesting of Mr. Baker&#8217;s outstanding FRP options that were issued prior
to the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this
cost under the transition services agreement. The vesting of Mr. Baker&#8217;s outstanding FRP options that were issued subsequent
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The Company recorded the following
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">A summary of changes in outstanding
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

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exercisable in-the-money options was $2,739,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,113,000
based on the market closing price of $40.00 on March 31, 2017 less exercise prices.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of March 31, 2017 was $409,000, which is expected to be recognized over
a weighted-average period of 3.9 years.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">Gains of $358,000 were realized by
option holders during the three months ended March 31, 2017. Patriot realized the tax benefits because these options were exercised
by Patriot employees for options granted prior to the spin-off.</p>



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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan.  Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6604591216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Contingent liabilities<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</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_FRPH_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><b>(8) Contingent Liabilities.</b>
Certain of the Company&#8217;s subsidiaries are involved in litigation on a number of matters and are subject to certain claims
which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for
third party liability and property damage. The liability at any point in time depends upon the relative ages and amounts of the
individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the
Company&#8217;s consolidated financial condition, results of operations or cash flows.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">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 material that will have to be specially handled upon excavation in conjunction with construction. The Company has
agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development
up to a cap of $1.871 million. <font style="font-weight: normal">As of September 30, 2016, the excavation and foundation work for
Phase 1 were substantially complete; thus, the bulk of the remediation expenses have been incurred. Management believes the total
cost for remediation on Phase 1 will end up at approximately $1.9 million. </font>During the quarter ending December 31, 2015,
management successfully completed negotiations and entered into a $3,000,000 settlement of environmental claims on all four phases
against our former tenant at the Riverfront on the Anacostia property and continues to pursue settlement negotiations with other
potentially responsible parties. The Company executed a letter of intent with MRP Realty in May 2016 to develop Phase II of the
Riverfront on the Anacostia project and recorded an estimated environmental remediation expense of $2.0 million for the Company&#8217;s
estimated liability under the proposed agreement. The Company has no obligation to remediate this contamination on Phases III and
IV of the development until such time as it makes a commitment to commence construction on each phase. The Company's actual expense
to address this issue may be materially higher or lower than the expense previously recorded depending upon the actual costs incurred
and any reimbursement that we receive from the prior tenant.</p>



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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6822885664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Concentrations<br></strong></div></th>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><b>(9) Concentrations</b>.&#160;
With the completion and occupancy of the 3rd build to suit for the same tenant at Patriot Business Park in the first quarter of
fiscal 2015 this particular tenant accounted for 11% of the Company&#8217;s consolidated revenues during the quarter ending March
31, 2017.&#160; The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee
that accounted for 13.7% of the Company&#8217;s consolidated revenues during the quarter ending March 31, 2017 and $130,124 of
accounts receivable at March 31, 2017.&#160; The termination of these lessees&#8217; underlying leases could have a material adverse
effect on the Company. The Company places its cash and cash equivalents with Tennessee Bank.&#160; At times, such amounts may exceed
FDIC limits.</p>



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<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>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div></th>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><b>(10) 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 are those that are unobservable and significant to the overall fair value measurement.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">As of March 31, 2017 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At March 31, 2017 and 2016, the carrying
amount reported in the consolidated balance sheets for cash and cash equivalents, short-term notes payable and revolving credit
approximate their fair value based upon the short-term nature of these items.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify">The fair values of the Company&#8217;s
other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
At March 31, 2017, the carrying amount and fair value of such other long-term debt was $39,749,000 and $42,823,000, respectively.
At December 31, 2016, the carrying amount and fair value of such other long-term debt was $40,745,000 and $43,747,000, respectively.</p>



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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13504-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6822885664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investment in Joint Ventures<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><b>(11) Investments in Joint Ventures.
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 0; text-align: justify"><i>RiverFront. </i>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 for a 77.14% stake in the venture. MRP contributed capital of $5,553,000 to the joint venture including development
costs paid prior to formation of the joint venture. 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. At the time of these
financings, RiverFront Holdings I, LLC. was formed as a parent to RiverFront Investment Partners I, LLC with EB5 as an equity partner
in Riverfront Holdings I, LLC. Construction commenced in October 2014, first occupancy was in August 2016 and the Company anticipates
lease up to occur during all of 2017. The joint venture intends to refinance the construction loan before the initial maturity
date of August 7, 2018. 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.
The company and MRP Realty executed a letter of intent in May 2016 and a Contribution Agreement in February 2017 to develop Phase
II but the joint venture is not yet formed. Other income for the three months ended March 31, 2017 includes a loss of $762,000
representing the Company&#8217;s portion of the loss of this joint venture.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Brooksville. </i>In 2006, the Company entered
into a Joint Venture Agreement with 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. Distributions will be made on a 50-50 basis except for royalties and depletion specifically
allocated to the Company. Other income for the three months ended March 31, 2017 includes a loss of $9,000 representing the Company&#8217;s
portion of the loss of this joint venture.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>BC FRP Realty (Windlass Run).</i> During
the quarter ending March 2016, we entered into an agreement with a Baltimore development company (St. John Properties, Inc.) to
jointly develop the remaining lands of our Windlass Run Business Park. The 50/50 partnership initially calls for FRP to combine
its 25 acres (valued at $7,500,000) with St. John Properties&#8217; adjacent 10 acres fronting on a major state highway (valued
at $3,239,536) which resulted in an initial cash distribution of $2,130,232 to FRP in May, 2016. Thereafter, the venture will jointly
develop the combined properties into a multi-building business park to consist of approximately 329,000 square feet of single story
office space.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of consolidated accumulated deficit
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<p style="margin: 0pt"></p><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_EquityMethodInvestmentsAndJointVenturesAbstract">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6822942848">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Segments (Tables)<br></strong></div></th>
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<p style="margin: 0pt"></p><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_RealEstateInvestmentFinancialStatementsDisclosureTextBlock', window );">Financial Information for the Investments in Joint Ventures (in thousands)</a></td>
<td class="text"><p style="margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Tahoma, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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<p style="margin: 0pt">&#160;</p>

<p style="margin: 0pt"></p>

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<p style="margin: 0pt"></p><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_RiverfrontHoldingsIncomeStatements', window );">Income statements for Riverfront Holdings I, LLC (in thousands)</a></td>
<td class="text"><p style="margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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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>Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_EquityMethodInvestmentsTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock">
<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>Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.</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">
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<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock</td>
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<td>nonnum:textBlockItemType</td>
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<td>na</td>
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<td>duration</td>
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<DOCUMENT>
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<head>
<title></title>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832905696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Segments - Business segments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 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_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 9,322<span></span>
</td>
<td class="nump">$ 9,615<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">3,404<span></span>
</td>
<td class="nump">3,509<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">248<span></span>
</td>
<td class="nump">415<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">2,059<span></span>
</td>
<td class="nump">1,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_CashAndCashEquivalentsAtCarryingValue', window );">Cash items</a></td>
<td class="nump">106<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<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_Assets', window );">Total identifiable net assets</a></td>
<td class="nump">269,517<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">266,560<span></span>
</td>
<td class="text">&#160;<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">7,285<span></span>
</td>
<td class="nump">7,574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingProfitBeforeCorporateExpenses', window );">Operating profit before corporate expenses</a></td>
<td class="nump">3,501<span></span>
</td>
<td class="nump">3,423<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(753)<span></span>
</td>
<td class="num">(520)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">248<span></span>
</td>
<td class="nump">415<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">2,259<span></span>
</td>
<td class="nump">473<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">1,965<span></span>
</td>
<td class="nump">1,835<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">168,339<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">169,736<span></span>
</td>
<td class="text">&#160;<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 lands</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">1,762<span></span>
</td>
<td class="nump">1,778<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingProfitBeforeCorporateExpenses', window );">Operating profit before corporate expenses</a></td>
<td class="nump">1,625<span></span>
</td>
<td class="nump">1,649<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(66)<span></span>
</td>
<td class="num">(75)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">0<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">39<span></span>
</td>
<td class="nump">31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">39,087<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,259<span></span>
</td>
<td class="text">&#160;<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">275<span></span>
</td>
<td class="nump">263<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingProfitBeforeCorporateExpenses', window );">Operating profit before corporate expenses</a></td>
<td class="num">(395)<span></span>
</td>
<td class="num">(555)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(508)<span></span>
</td>
<td class="num">(413)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">1,470<span></span>
</td>
<td class="nump">479<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">55<span></span>
</td>
<td class="nump">63<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">58,901<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,126<span></span>
</td>
<td class="text">&#160;<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_Assets', window );">Total identifiable net assets</a></td>
<td class="nump">3,084<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 439<span></span>
</td>
<td class="text">&#160;<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">9,322<span></span>
</td>
<td class="nump">9,615<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">3,404<span></span>
</td>
<td class="nump">3,509<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(1,327)<span></span>
</td>
<td class="num">(1,008)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease', window );">Capital expenditures</a></td>
<td class="nump">3,729<span></span>
</td>
<td class="nump">956<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingCostsDepreciationDepletionAmortization', window );">Depreciation, depletion and amortization</a></td>
<td class="nump">$ 2,059<span></span>
</td>
<td class="nump">$ 1,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">- References</a><div><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_FRPH_OperatingProfitBeforeCorporateExpenses">
<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 );">- References</a><div><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_OperatingProfitBeforeCorporateExpenses</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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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>Amount of general and administrative expense classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_SegmentReportingInformationLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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_SegmentReportingInformationLineItems</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_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>
</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember">
<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_MiningPropertiesAndMineralRightsMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=FRPH_LandDevelopmentandConstructionMember">
<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_LandDevelopmentandConstructionMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember">
<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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></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_TotalSegmentsMember">
<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_TotalSegmentsMember</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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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831759648">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-term debt (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</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">&#160;<span></span>
</td>
<td class="text">&#160;<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 agreements</a></td>
<td class="nump">$ 6,765<span></span>
</td>
<td class="nump">$ 6,665<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">32,984<span></span>
</td>
<td class="nump">34,080<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">39,749<span></span>
</td>
<td class="nump">40,745<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 );">Less portion due within one year</a></td>
<td class="nump">4,599<span></span>
</td>
<td class="nump">4,526<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">$ 35,150<span></span>
</td>
<td class="nump">$ 36,219<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 );">- References</a><div><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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832933472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</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_EarningsPerShareBasicAndDilutedAbstract', window );"><strong>Earnings Per Share, Basic and Diluted [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">9,931<span></span>
</td>
<td class="nump">9,853<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">70<span></span>
</td>
<td class="nump">40<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">10,001<span></span>
</td>
<td class="nump">9,893<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">$ 1,443<span></span>
</td>
<td class="nump">$ 1,820<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_EarningsPerShareAbstract', window );"><strong>Earnings per common share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Basic</a></td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.18<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 );">Diluted</a></td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="nump">$ 0.18<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_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 );">- References</a><div><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>
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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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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>na</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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28A<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1500-109256<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>
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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>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
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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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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>
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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></tr>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<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>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832243104">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Stock Activity (Details)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
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<tr>
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<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>Years </div>
<div>$ / shares </div>
<div>shares</div>
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<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Options outstanding | shares</a></td>
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<td class="nump">236,385<span></span>
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<td class="nump">4,555<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Options exercised | shares</a></td>
<td class="num">(18,561)<span></span>
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<td class="nump">$ 26.00<span></span>
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<td class="nump">37.55<span></span>
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<td class="nump">30.21<span></span>
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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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Options outstanding weighted average exercise price - Exercised | $ / shares</a></td>
<td class="nump">$ 20.48<span></span>
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<td class="text">&#160;<span></span>
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<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b', window );">Options outstanding weighted average remaining term | Years</a></td>
<td class="nump">6.2<span></span>
</td>
<td class="nump">6.1<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue', window );">Options outstanding weighted average grant date fair value</a></td>
<td class="nump">$ 2,215<span></span>
</td>
<td class="nump">$ 2,440<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1', window );">Options granted weighted average grant date fair value</a></td>
<td class="nump">75<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue', window );">Options modified weighted average grant date fair value</a></td>
<td class="num">(137)<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue', window );">Options exercised weighted average grant date fair value</a></td>
<td class="num">$ (163)<span></span>
</td>
<td class="text">&#160;<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, 2017 | shares</a></td>
<td class="nump">180,089<span></span>
</td>
<td class="text">&#160;<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 | $ / shares</a></td>
<td class="nump">$ 24.79<span></span>
</td>
<td class="text">&#160;<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3', window );">Options exerciseable weighted average remaining term | Years</a></td>
<td class="nump">5.7<span></span>
</td>
<td class="text">&#160;<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">$ 1,631<span></span>
</td>
<td class="text">&#160;<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 three months ended March 31, 2017 | shares</a></td>
<td class="nump">26,839<span></span>
</td>
<td class="text">&#160;<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">$ 223<span></span>
</td>
<td class="text">&#160;<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">
<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 );">- References</a><div><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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue">
<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 );">- References</a><div><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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1">
<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 );">- References</a><div><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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue1</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue">
<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 );">- References</a><div><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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsModifiededInPeriodWeightedAverageGrantDateFairValue</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue">
<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 );">- References</a><div><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_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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsModificationsInPeriodWeightedAverageExercisePrice">
<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 );">- References</a><div><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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsModificationsInPeriodWeightedAverageExercisePrice</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_FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3">
<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 );">- References</a><div><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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm3</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: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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b">
<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 );">- References</a><div><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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3b</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: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_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 );">- References</a><div><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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6739001936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock Compensation Expense (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</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">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensation', window );">Stock option grants</a></td>
<td class="nump">$ 77<span></span>
</td>
<td class="nump">$ 31<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">445<span></span>
</td>
<td class="nump">412<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">$ 522<span></span>
</td>
<td class="nump">$ 443<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66904339&amp;loc=d3e4534-113899<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65896087&amp;loc=d3e11149-113907<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65896087&amp;loc=d3e11178-113907<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_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 );">- References</a><div><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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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>
</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6834628768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Joint Ventures (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Mar. 31, 2016</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">$ 22,232<span></span>
</td>
<td class="nump">$ 22,901<span></span>
</td>
<td class="text">&#160;<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_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent', window );">Net Loss of the Partnership</a></td>
<td class="num">(1,005)<span></span>
</td>
<td class="num">(1,454)<span></span>
</td>
<td class="text">&#160;<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 );">Company's share of Net Loss of the Partnership</a></td>
<td class="num">(771)<span></span>
</td>
<td class="num">(1,119)<span></span>
</td>
<td class="num">$ (86)<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</a></td>
<td class="nump">22,232<span></span>
</td>
<td class="nump">$ 22,901<span></span>
</td>
<td class="text">&#160;<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 );">Total revenues</a></td>
<td class="nump">9,322<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,615<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">1,001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,531<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">1,062<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,142<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_OperatingCostsAndExpenses', window );">Total cost of operations</a></td>
<td class="nump">5,918<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,106<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 );">Total operating profit</a></td>
<td class="nump">3,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,509<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="num">$ (248)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(415)<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 Holdings I, LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">77.14%<span></span>
</td>
<td class="nump">77.14%<span></span>
</td>
<td class="text">&#160;<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">$ 9,379<span></span>
</td>
<td class="nump">$ 10,151<span></span>
</td>
<td class="text">&#160;<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">91,753<span></span>
</td>
<td class="nump">90,420<span></span>
</td>
<td class="text">&#160;<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="num">(987)<span></span>
</td>
<td class="num">(1,446)<span></span>
</td>
<td class="num">(90)<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">(762)<span></span>
</td>
<td class="num">(1,115)<span></span>
</td>
<td class="text">&#160;<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">1,457<span></span>
</td>
<td class="nump">1,023<span></span>
</td>
<td class="text">&#160;<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">133<span></span>
</td>
<td class="nump">88<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">32<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet', window );">Investments in real estate, net</a></td>
<td class="nump">89,971<span></span>
</td>
<td class="nump">89,309<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts', window );">Amortizable debt costs</a></td>
<td class="num">(955)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLiabilities', window );">Other liabilities</a></td>
<td class="nump">2,049<span></span>
</td>
<td class="nump">6,348<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt', window );">Long-term debt</a></td>
<td class="nump">76,626<span></span>
</td>
<td class="nump">69,042<span></span>
</td>
<td class="text">&#160;<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 );">Capital - FRP</a></td>
<td class="nump">9,379<span></span>
</td>
<td class="nump">10,151<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest', window );">Capital - Third parties</a></td>
<td class="nump">4,654<span></span>
</td>
<td class="nump">4,879<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity', window );">Total liabilities and capital</a></td>
<td class="nump">91,753<span></span>
</td>
<td class="nump">$ 90,420<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationRevenue', window );">Rental revenue</a></td>
<td class="nump">1,311<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_ReimbursementRevenue', window );">Revenue - Reimbursements</a></td>
<td class="nump">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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 );">Total revenues</a></td>
<td class="nump">1,326<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">863<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22<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">475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">68<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">219<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_OperatingCostsAndExpenses', window );">Total cost of operations</a></td>
<td class="nump">1,557<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90<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 );">Total operating profit</a></td>
<td class="num">(231)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(90)<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="num">(756)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss', window );">Net loss of the Partnership</a></td>
<td class="num">$ (987)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (90)<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 Quarry, LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Ownership percent</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<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 );">Total Investment</a></td>
<td class="nump">$ 7,512<span></span>
</td>
<td class="nump">$ 7,522<span></span>
</td>
<td class="text">&#160;<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 of the Partnership</a></td>
<td class="nump">14,343<span></span>
</td>
<td class="nump">14,341<span></span>
</td>
<td class="text">&#160;<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_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent', window );">Net Loss of the Partnership</a></td>
<td class="num">(18)<span></span>
</td>
<td class="num">(8)<span></span>
</td>
<td class="text">&#160;<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 );">Company's share of Net Loss of the Partnership</a></td>
<td class="num">(9)<span></span>
</td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationCash', window );">Cash</a></td>
<td class="nump">24<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationEscrowCash', window );">Cash held in escrow</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">14,310<span></span>
</td>
<td class="nump">14,323<span></span>
</td>
<td class="text">&#160;<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">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">23<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<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">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">7,512<span></span>
</td>
<td class="nump">7,522<span></span>
</td>
<td class="text">&#160;<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">6,808<span></span>
</td>
<td class="nump">6,818<span></span>
</td>
<td class="text">&#160;<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">$ 14,343<span></span>
</td>
<td class="nump">$ 14,341<span></span>
</td>
<td class="text">&#160;<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_BCFRPRealtyJointVentureMember', window );">BC FRP Realty, LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<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">$ 5,341<span></span>
</td>
<td class="nump">$ 5,228<span></span>
</td>
<td class="text">&#160;<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">10,935<span></span>
</td>
<td class="nump">10,784<span></span>
</td>
<td class="text">&#160;<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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">15<span></span>
</td>
<td class="nump">21<span></span>
</td>
<td class="text">&#160;<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">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet', window );">Investments in real estate, net</a></td>
<td class="nump">10,920<span></span>
</td>
<td class="nump">10,763<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts', window );">Amortizable debt costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLiabilities', window );">Other liabilities</a></td>
<td class="nump">55<span></span>
</td>
<td class="nump">47<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt', window );">Long-term debt</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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 );">Capital - FRP</a></td>
<td class="nump">5,341<span></span>
</td>
<td class="nump">5,228<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest', window );">Capital - Third parties</a></td>
<td class="nump">5,539<span></span>
</td>
<td class="nump">5,509<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity', window );">Total liabilities and capital</a></td>
<td class="nump">10,935<span></span>
</td>
<td class="nump">10,784<span></span>
</td>
<td class="text">&#160;<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_JointVenturesMember', window );">Joint Ventures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">22,232<span></span>
</td>
<td class="nump">22,901<span></span>
</td>
<td class="text">&#160;<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">117,031<span></span>
</td>
<td class="nump">115,545<span></span>
</td>
<td class="text">&#160;<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">1,496<span></span>
</td>
<td class="nump">1,062<span></span>
</td>
<td class="text">&#160;<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">133<span></span>
</td>
<td class="nump">88<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">36<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationInvestmentsinRealEstateNet', window );">Investments in real estate, net</a></td>
<td class="nump">115,201<span></span>
</td>
<td class="nump">114,395<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationAmortizableDebtCosts', window );">Amortizable debt costs</a></td>
<td class="num">(955)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLiabilities', window );">Other liabilities</a></td>
<td class="nump">2,127<span></span>
</td>
<td class="nump">6,396<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLongtermDebt', window );">Long-term debt</a></td>
<td class="nump">76,626<span></span>
</td>
<td class="nump">69,042<span></span>
</td>
<td class="text">&#160;<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 );">Capital - FRP</a></td>
<td class="nump">22,232<span></span>
</td>
<td class="nump">22,901<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest', window );">Capital - Third parties</a></td>
<td class="nump">17,001<span></span>
</td>
<td class="nump">17,206<span></span>
</td>
<td class="text">&#160;<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_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity', window );">Total liabilities and capital</a></td>
<td class="nump">$ 117,031<span></span>
</td>
<td class="nump">$ 115,545<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable">
<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 );">- References</a><div><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_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable</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_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 );">- References</a><div><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 );">- References</a><div><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_FRPH_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses">
<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 );">- References</a><div><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_EquityMethodInvestmentSummarizedFinancialInformationPrepaidExpenses</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_us-gaap_DepreciationAndAmortization">
<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 current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_DepreciationAndAmortization</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<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_EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest</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_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss">
<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) 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<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_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss</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_EquityMethodInvestmentSummarizedFinancialInformationRevenue">
<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 revenue from sale of goods and services reduced by sales returns, allowances, and discounts 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_EquityMethodInvestmentSummarizedFinancialInformationRevenue</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent">
<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 consolidated real estate investments attributed to parent.</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_NetIncomeLossFromRealEstateInvestmentPartnershipAttributableToParent</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_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_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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843<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_ReimbursementRevenue">
<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>Repayment received or receivable for expenses incurred on behalf of a client or customer, other than those reimbursements received by landlords from tenants.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 45<br> -Section 45<br> -Paragraph 23<br> -URI http://asc.fasb.org/extlink&amp;oid=68075638&amp;loc=d3e60722-111653<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_ReimbursementRevenue</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember">
<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_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_RiverfrontIJointVentureMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember">
<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_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BrooksvilleJointVentureMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BCFRPRealtyJointVentureMember">
<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_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_BCFRPRealtyJointVentureMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_JointVenturesMember">
<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_EquityInterestIssuedOrIssuableByTypeAxis=FRPH_JointVenturesMember</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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6822894768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Segments (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2017 </div>
<div>a </div>
<div>Segments</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_NumberOfReportableSegments', window );">Reportable business segments | Segments</a></td>
<td class="nump">3<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 lands</a></td>
<td class="text">&#160;<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 );">Mining royalty lands acres</a></td>
<td class="nump">15,000<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_BrooksvilleJointVentureMember', window );">Brooksville Quarry, LLC</a></td>
<td class="text">&#160;<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 );">Mining royalty lands acres</a></td>
<td class="nump">4,280<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_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_NumberOfReportableSegments">
<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 segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's 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_NumberOfReportableSegments</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:integerItemType</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_StatementBusinessSegmentsAxis=us-gaap_MiningPropertiesAndMineralRightsMember">
<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_MiningPropertiesAndMineralRightsMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=FRPH_BrooksvilleJointVentureMember">
<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_BrooksvilleJointVentureMember</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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6622253952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</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_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty', window );">Charges/allocation related to Transition Services Agreement with Patriot</a></td>
<td class="nump">$ 557<span></span>
</td>
<td class="nump">$ 406<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_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty">
<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 selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party.</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_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty</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_RelatedPartyTransactionsAbstract">
<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 );">- References</a><div><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_RelatedPartyTransactionsAbstract</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833218336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term debt (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th">
<div>Mar. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 24, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 30, 2015 </div>
<div>USD ($)</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_LongTermDebtDescription', window );">Mortgage interest description</a></td>
<td class="text">5.6% to 7.9% mortgage notes due in installments through 2027<span></span>
</td>
<td class="text">5.6% to 7.9% mortgage notes due in installments through 2027<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_InterestCostsCapitalized', window );">Capitalized interest</a></td>
<td class="nump">$ 370<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 242<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LongtermDebtTypeAxis=FRPH_FirstTennesseeTermMember', window );">First Tennessee bank Term Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_DebtInstrumentUnusedBorrowingCapacityAmount', window );">Term loan facility</a></td>
<td class="nump">$ 20,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityAxis=FRPH_WellsFargoMember', window );">Wells Fargo Bank, N.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityAgreementTerm', window );">Credit Agreement term years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<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_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Revolving Credit Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000<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_LineOfCreditStandbyLettersOfCreditSublimit', window );">Sublimit for standby letters of credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<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">2,263<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">5,799<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Available for borrowing</a></td>
<td class="nump">11,938<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_MinimumNetWorthRequiredForCompliance', window );">Tangible net worth covenant</a></td>
<td class="nump">110,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements', window );">Available to pay dividends or repurchase stock</a></td>
<td class="nump">$ 75,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityInterestRateDescription', window );">Revolver interest over LIBOR</a></td>
<td class="text">1.4%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage', window );">Commitment fee</a></td>
<td class="nump">0.15%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityAxis=FRPH_FirstTennesseeMember', window );">First Tennessee Bank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription', window );">Revolver conversion to term loan</a></td>
<td class="text">24 month window<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 966<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Available for borrowing</a></td>
<td class="nump">$ 19,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityInterestRateDescription', window );">Revolver interest over LIBOR</a></td>
<td class="text">1.9%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage', window );">Commitment fee</a></td>
<td class="nump">0.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">- References</a><div><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_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 );">- References</a><div><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_us-gaap_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements">
<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 dividends that can be declared or paid without affecting the banking or savings institution's regulatory capital position.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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_AmountAvailableForDividendDistributionWithoutAffectingCapitalAdequacyRequirements</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_DebtInstrumentUnusedBorrowingCapacityAmount">
<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 unused borrowing capacity under the long-term financing arrangement that is available to the entity 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_DebtInstrumentUnusedBorrowingCapacityAmount</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Allowance for Funds Used during Construction<br> -URI http://asc.fasb.org/extlink&amp;oid=6504829<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13476-108611<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_LineOfCreditFacilityInterestRateDescription">
<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>Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_LineOfCreditFacilityInterestRateDescription</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_LineOfCreditFacilityMaximumBorrowingCapacity</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_LineOfCreditFacilityRemainingBorrowingCapacity">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_LineOfCreditFacilityRemainingBorrowingCapacity</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_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription">
<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>Describes when borrowings outstanding under a line of credit will convert to a term loan, and describes the repayment terms, collateral, and priority (seniority) of the term loan.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription</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_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage">
<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 fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility.</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_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtDescription">
<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>Description of long-term debt arrangements, which are debt arrangements that originally require full repayment more than twelve months after issuance or greater than the normal operating cycle of the company, if longer, and disclosures pertaining to the underlying arrangements, including repayment terms, conversion features, interest rates, restrictions on assets and activities, debt covenants, and other matters important to users of the financial statements. Types of long-term debt arrangements include borrowing under notes payable, bonds payable, debentures, term loans, and other contractual obligations for payment.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<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_LongTermDebtDescription</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_MinimumNetWorthRequiredForCompliance">
<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 lowest amount of net worth (total assets minus total liabilities) required by secondary market investors or state-imposed regulatory mandates.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)(a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47080-110998<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47304-110998<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_MinimumNetWorthRequiredForCompliance</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_LongtermDebtTypeAxis=FRPH_FirstTennesseeTermMember">
<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_LongtermDebtTypeAxis=FRPH_FirstTennesseeTermMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=FRPH_WellsFargoMember">
<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_LineOfCreditFacilityAxis=FRPH_WellsFargoMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=FRPH_FirstTennesseeMember">
<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_LineOfCreditFacilityAxis=FRPH_FirstTennesseeMember</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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758670560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per Share (Details Narrative) - shares<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</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 common share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Anti-dilutive shares</a></td>
<td class="nump">23,958<span></span>
</td>
<td class="nump">72,090<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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Antidilution<br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Diluted Earnings Per Share<br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Contingent Stock Agreement<br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</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_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 );">- References</a><div><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_EarningsPerShareAbstract</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6834486592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation Plans (Details Narrative)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>Years </div>
<div>$ / shares </div>
<div>shares</div>
</th></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_StockOptionPlans', window );">Number of stock option plans</a></td>
<td class="nump">2<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights', window );">Exercisable installments</a></td>
<td class="text">20% or 25%<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Shares available for future issuance | shares</a></td>
<td class="nump">569,917<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Aggregate intrinsic value of exercisable in-the-money options</a></td>
<td class="nump">$ 2,739<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Aggregate intrinsic value of outstanding in-the-money options</a></td>
<td class="nump">$ 3,113<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_SharePrice', window );">Market close price | $ / shares</a></td>
<td class="nump">$ 40.00<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Total unrecognized compensation cost of options granted but not yet vested</a></td>
<td class="nump">$ 409<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2', window );">Weighted average period for compensation to be recognized | Years</a></td>
<td class="nump">3.9<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_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders', window );">Gains realized by option holders</a></td>
<td class="nump">$ 358<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum', window );">Expected minimum volatility</a></td>
<td class="nump">35.00%<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum', window );">Expected maximum volatility</a></td>
<td class="nump">46.00%<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum', window );">Risk-free interest rate minimum</a></td>
<td class="nump">0.30%<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum', window );">Risk-free interest rate maximum</a></td>
<td class="nump">4.20%<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_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum', window );">Expected life minimum | Years</a></td>
<td class="nump">0.25<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_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum', window );">Expecited life maximum | Years</a></td>
<td class="nump">7.0<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Dividend yield</a></td>
<td class="nump">0.00%<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost', window );">Modification stock compensation expense</a></td>
<td class="nump">$ 41<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">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost', window );">Modification stock compensation expense</a></td>
<td class="nump">$ 150<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders">
<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 );">- References</a><div><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_EmployeeServiceShareBasedCompensationGainsRealizedByOptionHolders</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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2">
<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 );">- References</a><div><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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition2</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: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></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum">
<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 );">- References</a><div><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_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Maximum</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: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></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum">
<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 );">- References</a><div><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_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum</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: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></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_StockOptionPlans">
<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 );">- References</a><div><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_StockOptionPlans</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_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">
<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>Description of award terms as to how many shares or portion of an award are no longer contingent on satisfaction of either a service condition, market condition or a performance condition, thereby giving the employee the legal right to convert the award to shares, to sell the shares, and be entitled to the cash proceeds of such sale. For example, vesting may be expressed as being 25 percent of the shares under option on each anniversary of the grant 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate">
<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 estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum">
<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 estimated measure of the maximum percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over 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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum">
<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 estimated measure of the minimum percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over 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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum">
<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 maximum risk-free interest rate assumption that is used in valuing an option on its own 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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum">
<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 minimum risk-free interest rate assumption that is used in valuing an option on its own 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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant">
<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 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></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue">
<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 by which the current fair value of the underlying stock exceeds the exercise price of options 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost">
<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>An excess of the fair value of the modified award over the fair value of the award immediately before the modification.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost</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_SharePrice">
<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>Price of a single share of a number of saleable stocks of a company.</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_SharePrice</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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1">
<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 difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1</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_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>
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</div>
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</html>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758455952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Contingent Liabilities (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Mar. 31, 2017</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_ContingentLiabilitiesDetailsNarrativeAbstract', window );"><strong>Contingent Liabilities Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LossContingencyEstimateOfPossibleLoss', window );">Cap on environment financial responsibility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,871<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_EnvironmentalRemediationExpense', window );">Environmental remediation expense</a></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,900<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_RecoveryOfDirectCosts', window );">Environmental remediation recovery</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_ContingentLiabilitiesDetailsNarrativeAbstract">
<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 );">- References</a><div><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_ContingentLiabilitiesDetailsNarrativeAbstract</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: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_FRPH_CostofRemediation">
<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 );">- References</a><div><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_CostofRemediation</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_us-gaap_EnvironmentalRemediationExpense">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 410<br> -SubTopic 30<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6393242&amp;loc=d3e13296-110859<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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>
</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_LossContingencyEstimateOfPossibleLoss">
<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>Reflects the estimated amount of loss from the specified contingency 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<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_LossContingencyEstimateOfPossibleLoss</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_RecoveryOfDirectCosts">
<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>Return of or reimbursements received in relation to direct costs and expenses previously paid or incurred.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_RecoveryOfDirectCosts</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>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6620408480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Concentrations (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>integer</div>
</th></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_NumberOfTenants', window );">Tenants leasing mining locations | integer</a></td>
<td class="nump">4<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_ConcentrationRiskByTypeAxis=FRPH_AssetManagementTopCustomerMember', window );">Asset Management Top Customer</a></td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Customer revenue concentration</a></td>
<td class="nump">11.00%<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_ConcentrationRiskByTypeAxis=FRPH_MiningTopCustomerMember', window );">Mining Top Customer</a></td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Customer revenue concentration</a></td>
<td class="nump">13.70%<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_AccountsReceivableNet', window );">Accounts receivable concentration | $</a></td>
<td class="nump">$ 130<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_FRPH_NumberOfTenants">
<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 );">- References</a><div><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_NumberOfTenants</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:integerItemType</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=FRPH_AssetManagementTopCustomerMember">
<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_ConcentrationRiskByTypeAxis=FRPH_AssetManagementTopCustomerMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=FRPH_MiningTopCustomerMember">
<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_ConcentrationRiskByTypeAxis=FRPH_MiningTopCustomerMember</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>
<td></td>
</tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758790784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair Value Measurements (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</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">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 0<span></span>
</td>
<td class="text">&#160;<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">0<span></span>
</td>
<td class="text">&#160;<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">0<span></span>
</td>
<td class="text">&#160;<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">0<span></span>
</td>
<td class="text">&#160;<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_DebtInstrumentCarryingAmount', window );">Carrying amount of mortgage notes payable</a></td>
<td class="nump">39,749<span></span>
</td>
<td class="nump">$ 40,745<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_LongTermDebtFairValue', window );">Fair value of mortgage notes payable</a></td>
<td class="nump">$ 42,823<span></span>
</td>
<td class="nump">$ 43,747<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_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>
</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_AssetsFairValueDisclosureRecurring">
<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 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>
</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, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_FairValueDisclosuresAbstract">
<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 );">- References</a><div><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_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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<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_LiabilitiesFairValueDisclosureNonrecurring">
<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>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>
</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>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesFairValueDisclosureRecurring">
<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>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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesFairValueDisclosureRecurring</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>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_LongTermDebtFairValue">
<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 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></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_LongTermDebtFairValue</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<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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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830158176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments in Joint Ventures (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>a </div>
<div>ft&#178;</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 08, 2014 </div>
<div>USD ($)</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_IncomeLossFromEquityMethodInvestments', window );">Company's share of the loss of the joint venture</a></td>
<td class="nump">$ 771<span></span>
</td>
<td class="nump">$ 1,119<span></span>
</td>
<td class="nump">$ 86<span></span>
</td>
<td class="text">&#160;<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_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees', window );">Joint Venture consolidated retained earnings</a></td>
<td class="num">$ (2,134)<span></span>
</td>
<td class="num">$ (1,667)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 Holdings I, LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AreaOfRealEstateProperty', window );">Square feet | ft&#178;</a></td>
<td class="nump">300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_NetRentableArea', window );">Retail square feet | ft&#178;</a></td>
<td class="nump">18,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AreaofLandtoDevelop', window );">Area of land to develop | a</a></td>
<td class="nump">2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">5.82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="nump">$ 13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="nump">$ 4,866<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">77.14%<span></span>
</td>
<td class="nump">77.14%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OtherOwnershipInterestsValue', window );">Other ownership capital contribution</a></td>
<td class="nump">$ 5,553<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SecondaryFinancing', window );">EB5 Secondary financing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,000<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_ConstructionLoanNoncurrent', window );">Nonrecourse construction loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 65,000<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">6,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Company's share of the loss of the joint venture</a></td>
<td class="nump">$ 762<span></span>
</td>
<td class="nump">$ 1,115<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 Quarry, LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">4,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PaymentsToAcquireEquityMethodInvestments', window );">Cash contributed</a></td>
<td class="nump">$ 2,430<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AreaofLandContributed', window );">FRP land contribution previously leased to Vulcan | a</a></td>
<td class="nump">3,443<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 2,548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PaymentsToAcquireLand', window );">FRP additional contribution for land</a></td>
<td class="nump">$ 3,018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AreaOfLandAcquired', window );">Additional land acquired | a</a></td>
<td class="nump">288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AreaOfLandContributedVulcan', window );">Vulcan land contribution | a</a></td>
<td class="nump">553<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Company's share of the loss of the joint venture</a></td>
<td class="nump">$ 9<span></span>
</td>
<td class="nump">$ 4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_BCFRPRealtyJointVentureMember', window );">BC FRP Realty, LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AreaOfRealEstateProperty', window );">Square feet | ft&#178;</a></td>
<td class="nump">329,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ContributionOfProperty', window );">Value of land contributed</a></td>
<td class="nump">$ 7,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Company's share of the loss of the joint venture</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StJohnsPropertiesJointVenture_StJohnsMember', window );">St Johns Properties JV St Johns</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ContributionOfProperty', window );">Value of land contributed</a></td>
<td class="nump">3,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PaymentsToAcquireEquityMethodInvestments', window );">Cash contributed</a></td>
<td class="nump">$ 2,130<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AreaOfLandContributedStJohn', window );">St Johns land contribution | a</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">- References</a><div><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_AreaOfLandContributedStJohn">
<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 );">- References</a><div><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_AreaOfLandContributedStJohn</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 );">- References</a><div><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_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 );">- References</a><div><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_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 );">- References</a><div><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_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 );">- References</a><div><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_AreaOfRealEstateProperty">
<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 a real estate property.</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_AreaOfRealEstateProperty</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 272<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB TOPIC 4.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187171-122770<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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>
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<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of consolidated retained earnings that represent undistributed (not yet received) earnings from 50% or less owned persons accounted for by the equity method (equity method investees).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 852<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6462270&amp;loc=d3e57205-112772<br></p></div>
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/**
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<TYPE>XML
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
