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Investments in Joint Ventures
 9 Months Ended
Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Joint Ventures

(11) Investments in Joint Ventures.

 

The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional contributions by the partners.

 

The following table summarizes the Company’s Investments in unconsolidated joint ventures (in thousands):

 

 

                            The  
                            Company's  
                            Share of Profit  
     Common     Total     Total Assets of     Profit (Loss)      (Loss) of the  
    Ownership     Investment     The Partnership     Of the Partnership      Partnership (1)  
                               
As of September 30, 2021                              
Brooksville Quarry, LLC   50.00 %  $ 7,463     14,332     (66 )   (32 )
BC FRP Realty, LLC   50.00 %   5,454     22,612     (227 )   (113 )
Riverfront Holdings II, LLC (1)         —     —     (760 )   (628 )
Bryant Street Partnerships   61.36 %   59,899     201,144     (3,566 )   (3,234 )
Hyde Park         —     —     —      —   
DST Hickory Creek   26.65 %   6,000     46,560     (325 )   257  
Amber Ridge Loan         12,471     12,471     —      —   
1800 Half St. Owner, LLC   61.37 %   38,456     76,829     19     25  
Greenville/Woodfield Partnerships   40.00 %   16,232     80,476     (680 )   (272 )
   Total        $ 145,975     454,424       (5,605 )     (3,997 )

 

 

                              

 

 

                           The  
                            Company's  
                            Share of Profit  
     Common     Total     Total Assets of     Profit (Loss)      (Loss) of the  
    Ownership     Investment     The Partnership     Of the Partnership      Partnership (1)  
                               
As of December 31, 2020                              
Brooksville Quarry, LLC   50.00 %  $ 7,499     14,347     (78 )   (39 )
BC FRP Realty, LLC   50.00 %   5,184     22,747     (411 )   (207 )
Riverfront Holdings II, LLC   80.00 %   23,533     108,538     (4,573 )   (3,907 )
Bryant Street Partnerships   61.36 %   60,159     173,814     (836 )   (2,130 )
Hyde Park         591     591     —      —   
DST Hickory Creek   26.65 %   6,000     47,761     (367 )   339  
Amber Ridge Loan         10,026     10,026     —      —   
1800 Half St. Owner, LLC   61.37 %   37,875     54,275     158     164  
Greenville/Woodfield Partnerships   40.00 %   16,204     46,457     182     90  
   Total        $ 167,071     478,556       (5,925 )     (5,690 )
                               

 

(1):Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $674,000 in 2021 and $1,146,000 in 2020 for the Company’s share of preferred interest and $354,000 in 2021 and $471,000 in 2020 for amortization of guarantee liability related to the Bryant Street loan.

 

The Major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2021 are summarized in the following two tables (in thousands):

 

 

 

                       
  As of September 30, 2021   Total
  Riverfront   Bryant Street   DST Hickory   1800 Half St.   Greenville/   Apartment/
  Holdings II, LLC   Partnership   Creek   Partnership   Woodfield   Mixed Use
                       
Investments in real estate, net $  0       198,039       44,224       73,580       80,261      $ 396,104  
Cash and cash equivalents   0       848       978       439       207       2,472  
Unrealized rents & receivables   0       1,892       1,004       0       8       2,904  
Deferred costs   0       365       354       2,810       0       3,529  
   Total Assets $  0       201,144       46,560       76,829       80,476     $ 405,009  
                                             

 

 

Secured notes payable $  0       116,705       29,325       0       35,879     $ 181,909  
Other liabilities   0       7,620       162       15,766       5,370       28,918  
Capital - FRP   0       58,014       4,550       37,483       15,691       115,738  
Capital – Third Parties   0       18,805       12,523       23,580       23,536       78,444  
   Total Liabilities and Capital $  0       201,144       46,560       76,829       80,476     $ 405,009  

 

                       
  As of September 30, 2021    
  Brooksville   BC FRP       Amber Ridge   Apartment/   Grand
  Quarry, LLC   Realty, LLC   Hyde Park   Loan   Mixed Use   Total
                       
Investments in real estate, net.  $ 14,283       21,627       0       12,471       396,104      $ 444,485  
Cash and cash equivalents   49       231       0       0       2,472       2,752  
Unrealized rents & receivables   0       470       0       0       2,904       3,374  
Deferred costs   0       284       0       0       3,529       3,813  
   Total Assets  $ 14,332       22,612       0       12,471       405,009     $ 454,424  
                                               
Secured notes payable  $ 0       11,524       0       0       181,909     $ 193,433  
Other liabilities   81       138       0       0       28,918       29,137  
Capital - FRP   7,463       5,475       0       12,471       115,738       141,147  
Capital - Third Parties   6,788       5,475       0       0       78,444       90,707  
   Total Liabilities and Capital  $ 14,332       22,612       0       12,471       405,009     $ 454,424  
                                               

 

The Company’s capital recorded by the unconsolidated Joint Ventures is $4,828,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest.

 

 

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2020 are summarized in the following two tables (in thousands):

 

                       
  As of December 31, 2020   Total
  Riverfront   Bryant Street   DST Hickory   1800 Half St.   Greenville/   Apartment/
  Holdings II, LLC   Partnership   Creek   Partnership   Woodfield   Mixed Use
                       
Investments in real estate, net $  105,737       173,560       45,379       37,452       42,668      $ 404,796  
Cash and cash equivalents   2,626       111       1,202       14,011       3,554       21,504  
Unrealized rents & receivables   13       58       775       2       0       848  
Deferred costs   162       85       405       2,810       235       3,697  
   Total Assets $  108,538       173,814       47,761       54,275       46,457     $ 430,845  
                                             

 

 

Secured notes payable $  64,982       72,471       29,291       0       1,776     $ 168,520  
Other liabilities   4,189       22,952       107       1,953       4,774       33,975  
Capital - FRP   34,667       58,559       4,894       37,466       15,963       151,549  
Capital - Third Parties   4,700       19,832       13,469       14,856       23,944       76,801  
   Total Liabilities and Capital $  108,538       173,814       47,761       54,275       46,457     $ 430,845  

 

 

                       
  As of December 31, 2020    
  Brooksville   BC FRP       Amber Ridge   Apartment/   Grand
  Quarry, LLC   Realty, LLC   Hyde Park   Loan   Mixed Use   Total
                       
Investments in real estate, net.  $ 14,287       22,067       591       10,026       404,796      $ 451,767  
Cash and cash equivalents   55       90       0       0       21,504       21,649  
Unrealized rents & receivables   0       254       0       0       848       1,102  
Deferred costs   5       336       0       0       3,697       4,038  
   Total Assets  $ 14,347       22,747       591       10,026       430,845     $ 478,556  
                                               
Secured notes payable  $ 0       12,370       0       0       168,520     $ 180,890  
Other liabilities   28       123       0       0       33,975       34,126  
Capital - FRP   7,499       5,127       591       10,026       151,549       174,792  
Capital - Third Parties   6,820       5,127       0       0       76,801       88,748  
   Total Liabilities and Capital  $ 14,347       22,747       591       10,026       430,845     $ 478,556  
                                               

 

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(7,660,000) and $(8,278,000) as of September 30, 2021 and December 31, 2020, respectively.

 

 

The income statements of the Bryant Street Partnerships are as follows (in thousands):

 

                 
    Bryant Street   Bryant Street
    Partnerships   Partnerships
    Total JV   Company Share
    Nine Months ended   Nine Months ended
    September 30,   September 30,
    2021   2021
Revenues:                
    Rental Revenue   $ 1,153     $ 707  
    Revenue – other     190       117  
Total Revenues     1,343       824  
                 
Cost of operations:                
     Depreciation and amortization     1,482       909  
     Operating expenses     1,938       1,190  
     Property taxes     255       156  
Total cost of operations     3,675       2,255  
                 
Total operating profit     (2,332 )     (1,431 )
Interest expense     (1,234 )     (1,803 )
                 
Net loss before tax     (3,566 )     (3,234 )