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Investment in Joint Ventures (Equity Method) | 3 Months Ended
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Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Joint Ventures (Equity Method) | (11) Investments in Joint Ventures (Equity Method). Brooksville. 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 2032 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, 2018 includes a loss of $12,000 representing the Company’s portion of the loss of this joint venture. BC FRP Realty (Windlass Run). 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’ 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. On September 28, 2017 BC FRP Realty, LLC obtained $17,250,000 of construction financing commitments for 4 buildings through September 15, 2022 and $330,000 for one lot through September 15, 2018 from BB&T at 2.5% over LIBOR. The balance outstanding on these loans at March 31, 2018 was $4,409,532. Investments in Joint Ventures (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | The |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Company's |
|  |  |  |  |  |  |  | Total Assets |  |  | Net Loss |  |  | Share of Net |
|  |  |  |  | Total |  |  | of the |  |  | of the |  |  | Loss of the |
|  | Ownership |  |  | Investment |  |  | Partnership |  |  | Partnership |  |  | Partnership |
As of March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC |  | 50.00 | % |  | 7,503 |  |  | 14,408 |  |  | (24 | ) |  | (12 | )
BC FRP Realty, LLC |  | 50.00 | % |  | 5,919 |  |  | 16,814 |  |  | — |  |  | — |
Total |  |  |  | $ | 13,422 |  |  | 31,222 |  |  | (24 | ) |  | (12 | )
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RiverFront Holdings I, LLC (1) |  | — |  | $ | — |  |  | — |  |  | (2,019 | ) |  | (1,558 | )
Brooksville Quarry, LLC |  | 50.00 | % |  | 7,516 |  |  | 14,411 |  |  | (80 | ) |  | (40 | )
BC FRP Realty, LLC |  | 50.00 | % |  | 5,890 |  |  | 15,027 |  |  | — |  |  | — |
Total |  |  |  | $ | 13,406 |  |  | 29,438 |  |  | (2,099 | ) |  | (1,598 | )
| (1) | The Company consolidated this joint venture effective July 1, 2017 (see Footnote 12).
Income statements for the RiverFront Holdings I, LLC, prior to consolidation July 1, 2017 (in thousands):
|  | Three Months Ended March 31, |
|  | 2017 |
Revenues: |  |  |  |  |  |  |
Rental Revenue |  | $ | 1,311 |  |
Revenue – Reimbursements |  |  | 15 |  |
Total Revenues |  |  | 1,326 |  |
Cost of operations: |  |  |  |  |
Depreciation and amortization |  |  | 863 |  |
Operating expenses |  |  | 475 |  |
Property taxes |  |  | 219 |  |
Total cost of operations |  |  | 1,557 |  |
Total operating profit |  |  | (231 | ) |
Interest expense |  |  | (756 | ) |
Net loss of the Partnership |  | $ | (987 | ) |
The amount of consolidated accumulated deficit for these joint ventures was $(2,646,000) and $(2,638,000) as of March 31, 2018 and December 31, 2017 respectively.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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