XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.22.2

Investments in Joint Ventures (Tables) | 3 Months Ended
--- | ---
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in unconsolidated joint ventures | 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 June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC |  | 50.00 | % | $ | 7,546 |  |  | 14,461 |  |  | (42 | ) |  | (21 | )
BC FRP Realty, LLC |  | 50.00 | % |  | 5,485 |  |  | 22,115 |  |  | (90 | ) |  | (45 | )
Bryant Street Partnerships |  | 61.36 | % |  | 58,253 |  |  | 203,480 |  |  | (4,787 | ) |  | (3,186 | )
Aberdeen Station Loan |  |  |  |  | 917 |  |  | 917 |  |  | — |  |  | — |
DST Hickory Creek |  | 26.65 | % |  | 6,000 |  |  | 45,186 |  |  | (271 | ) |  | 171 |
Amber Ridge Loan |  |  |  |  | 6,234 |  |  | 6,234 |  |  | — |  |  | — |
1800 Half St. Owner, LLC |  | 61.37 | % |  | 39,112 |  |  | 119,957 |  |  | — |  |  | (64 | )
Greenville/Woodfield Partnerships |  | 40.00 | % |  | 16,108 |  |  | 92,947 |  |  | (563 | ) |  | (225 | )
Total |  |  |  | $ | 139,655 |  |  | 505,297 |  |  | (5,753 | ) |  | (3,370 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC |  | 50.00 | % | $ | 7,488 |  |  | 14,301 |  |  | (82 | ) |  | (41 | )
BC FRP Realty, LLC |  | 50.00 | % |  | 5,530 |  |  | 22,470 |  |  | (230 | ) |  | (115 | )
Riverfront Holdings II, LLC (1) |  |  |  |  | — |  |  | — |  |  | (760 | ) |  | (628 | )
Bryant Street Partnerships |  | 61.36 | % |  | 59,558 |  |  | 204,082 |  |  | (6,084 | ) |  | (4,954 | )
Aberdeen Station Loan |  |  |  |  | 514 |  |  | 514 |  |  | — |  |  | — |
DST Hickory Creek |  | 26.65 | % |  | 6,000 |  |  | 46,048 |  |  | (481 | ) |  | 343 |
Amber Ridge Loan |  |  |  |  | 11,466 |  |  | 11,466 |  |  | — |  |  | — |
1800 Half St. Owner, LLC |  | 61.37 | % |  | 38,693 |  |  | 93,932 |  |  | 12 |  |  | 20 |
Greenville/Woodfield Partnerships |  | 40.00 | % |  | 16,194 |  |  | 87,731 |  |  | (948 | ) |  | (379 | )
Total |  |  |  | $ | 145,443 |  |  | 480,544 |  |  | (8,573 | ) |  | (5,754 | )
(1): |  | Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships included $234,000 in 2021 for the Company’s share of preferred interest and $236,000 in 2022 and $236,000 in the first half of 2021 for amortization of guarantee liability related to the Bryant Street loan.
Investments in Apartment/Mixed Use Joint Ventures as of June 30, 2022 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of June 30, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of June 30, 2022
| As of June 30, 2022 |  | 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 |  |  |  | 195,633 |  |  |  | 43,124 |  |  |  | 119,311 |  |  |  | 92,149 |  |  | $ | 450,217 |
Cash and cash equivalents |  | 0 |  |  |  | 2,831 |  |  |  | 579 |  |  |  | 646 |  |  |  | 466 |  |  |  | 4,522 |
Unrealized rents & receivables |  | 0 |  |  |  | 4,859 |  |  |  | 1,181 |  |  |  | 0 |  |  |  | 14 |  |  |  | 6,054 |
Deferred costs |  | 0 |  |  |  | 157 |  |  |  | 302 |  |  |  | 0 |  |  |  | 318 |  |  |  | 777 |
Total Assets | $ | 0 |  |  |  | 203,480 |  |  |  | 45,186 |  |  |  | 119,957 |  |  |  | 92,947 |  |  | $ | 461,570 |
Secured notes payable | $ | 0 |  |  |  | 128,697 |  |  |  | 29,360 |  |  |  | 47,128 |  |  |  | 51,148 |  |  | $ | 256,333 |
Other liabilities |  | 0 |  |  |  | 3,077 |  |  |  | 144 |  |  |  | 11,876 |  |  |  | 3,402 |  |  |  | 18,499 |
Capital - FRP |  | 0 |  |  |  | 54,814 |  |  |  | 4,179 |  |  |  | 37,414 |  |  |  | 15,359 |  |  |  | 111,766 |
Capital – Third Parties |  | 0 |  |  |  | 16,892 |  |  |  | 11,503 |  |  |  | 23,539 |  |  |  | 23,038 |  |  |  | 74,972 |
Total Liabilities and Capital | $ | 0 |  |  |  | 203,480 |  |  |  | 45,186 |  |  |  | 119,957 |  |  |  | 92,947 |  |  | $ | 461,570 |
Investments in Joint Ventures as of June 30, 2022 | Investments in Joint Ventures as of June 30, 2022
| As of June 30, 2022 |  |
| Brooksville |  | BC FRP |  | Aberdeen |  | Amber Ridge |  | Apartment/ |  | Grand
| Quarry, LLC |  | Realty, LLC |  | Loan |  | Loan |  | Mixed Use |  | Total
Investments in real estate, net | $ | 14,279 |  |  |  | 21,305 |  |  |  | 917 |  |  |  | 6,234 |  |  |  | 450,217 |  |  | $ | 492,952 |
Cash and cash equivalents |  | 178 |  |  |  | 224 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,522 |  |  |  | 4,924 |
Unrealized rents & receivables |  | 0 |  |  |  | 431 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,054 |  |  |  | 6,485 |
Deferred costs |  | 4 |  |  |  | 155 |  |  |  | 0 |  |  |  | 0 |  |  |  | 777 |  |  |  | 936 |
Total Assets | $ | 14,461 |  |  |  | 22,115 |  |  |  | 917 |  |  |  | 6,234 |  |  |  | 461,570 |  |  | $ | 505,297 |
Secured notes payable | $ | 0 |  |  |  | 11,093 |  |  |  | 0 |  |  |  | 0 |  |  |  | 256,333 |  |  | $ | 267,426 |
Other liabilities |  | 42 |  |  |  | 164 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18,499 |  |  |  | 18,705 |
Capital - FRP |  | 7,546 |  |  |  | 5,429 |  |  |  | 917 |  |  |  | 6,234 |  |  |  | 111,766 |  |  |  | 131,892 |
Capital - Third Parties |  | 6,873 |  |  |  | 5,429 |  |  |  | 0 |  |  |  | 0 |  |  |  | 74,972 |  |  |  | 87,274 |
Total Liabilities and Capital | $ | 14,461 |  |  |  | 22,115 |  |  |  | 917 |  |  |  | 6,234 |  |  |  | 461,570 |  |  | $ | 505,297 |
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2021 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021
| As of December 31, 2021 |  | Total
| Riverfront |  | Bryant Street |  | DST Hickory |  | 1800 Half St. |  | Greenville/ |  | Apartment/
| Holdings II, LLC |  | Partnership |  | Creek |  | Partnership |  | Woodfield |  | Mixed Use
Investments in real estate, net | $ | 0 |  |  |  | 199,730 |  |  |  | 43,840 |  |  |  | 93,504 |  |  |  | 87,421 |  |  | $ | 424,495 |
Cash and cash equivalents |  | 0 |  |  |  | 1,123 |  |  |  | 827 |  |  |  | 428 |  |  |  | 279 |  |  |  | 2,657 |
Unrealized rents & receivables |  | 0 |  |  |  | 2,925 |  |  |  | 1,044 |  |  |  | 0 |  |  |  | 5 |  |  |  | 3,974 |
Deferred costs |  | 0 |  |  |  | 304 |  |  |  | 337 |  |  |  | 0 |  |  |  | 26 |  |  |  | 667 |
Total Assets | $ | 0 |  |  |  | 204,082 |  |  |  | 46,048 |  |  |  | 93,932 |  |  |  | 87,731 |  |  | $ | 431,793 |
Secured notes payable | $ | 0 |  |  |  | 119,201 |  |  |  | 29,337 |  |  |  | 18,404 |  |  |  | 44,309 |  |  | $ | 211,251 |
Other liabilities |  | 0 |  |  |  | 9,066 |  |  |  | 115 |  |  |  | 14,470 |  |  |  | 4,462 |  |  |  | 28,113 |
Capital - FRP |  | 0 |  |  |  | 57,555 |  |  |  | 4,423 |  |  |  | 37,478 |  |  |  | 15,584 |  |  |  | 115,040 |
Capital – Third Parties |  | 0 |  |  |  | 18,260 |  |  |  | 12,173 |  |  |  | 23,580 |  |  |  | 23,376 |  |  |  | 77,389 |
Total Liabilities and Capital | $ | 0 |  |  |  | 204,082 |  |  |  | 46,048 |  |  |  | 93,932 |  |  |  | 87,731 |  |  | $ | 431,793 |
Investments in Joint Ventures as of December 31, 2021 | Investments in Joint Ventures as of December 31, 2021
| As of December 31, 2021 |  |
| Brooksville |  | BC FRP |  | Aberdeen |  | Amber Ridge |  | Apartment/ |  | Grand
| Quarry, LLC |  | Realty, LLC |  | Loan |  | Loan |  | Mixed Use |  | Total
Investments in real estate, net | $ | 14,281 |  |  |  | 21,561 |  |  |  | 514 |  |  |  | 11,466 |  |  |  | 424,495 |  |  | $ | 472,317 |
Cash and cash equivalents |  | 18 |  |  |  | 312 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,657 |  |  |  | 2,987 |
Unrealized rents & receivables |  | 0 |  |  |  | 368 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,974 |  |  |  | 4,342 |
Deferred costs |  | 2 |  |  |  | 229 |  |  |  | 0 |  |  |  | 0 |  |  |  | 667 |  |  |  | 898 |
Total Assets | $ | 14,301 |  |  |  | 22,470 |  |  |  | 514 |  |  |  | 11,466 |  |  |  | 431,793 |  |  | $ | 480,544 |
Secured notes payable | $ | 0 |  |  |  | 11,384 |  |  |  | 0 |  |  |  | 0 |  |  |  | 211,251 |  |  | $ | 222,635 |
Other liabilities |  | 0 |  |  |  | 140 |  |  |  | 0 |  |  |  | 0 |  |  |  | 28,113 |  |  |  | 28,253 |
Capital - FRP |  | 7,488 |  |  |  | 5,473 |  |  |  | 514 |  |  |  | 11,466 |  |  |  | 115,040 |  |  |  | 139,981 |
Capital - Third Parties |  | 6,813 |  |  |  | 5,473 |  |  |  | 0 |  |  |  | 0 |  |  |  | 77,389 |  |  |  | 89,675 |
Total Liabilities and Capital | $ | 14,301 |  |  |  | 22,470 |  |  |  | 514 |  |  |  | 11,466 |  |  |  | 431,793 |  |  | $ | 480,544 |
Bryant Street Partnerships | The income statements of the Bryant Street Partnerships are as follows (in thousands):
|  | Bryant Street |  | Bryant Street |  | Bryant Street |  | Bryant Street |
|  | Partnerships |  | Partnerships |  | Partnerships |  | Partnerships |
|  | Total JV |  | Total JV |  | Company Share |  | Company Share |
|  | Six Months ended |  | Six Months ended |  | Six Months ended |  | Six Months ended |
|  | June 30, |  | June 30, |  | June 30, |  | June 30, |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 4,018 |  |  | $ | 180 |  |  | $ | 2,465 |  |  | $ | 111 |
Revenue – other |  |  | 733 |  |  |  | 77 |  |  |  | 450 |  |  |  | 47 |
Total Revenues |  |  | 4,751 |  |  |  | 257 |  |  |  | 2,915 |  |  |  | 158 |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,260 |  |  |  | 776 |  |  |  | 2,000 |  |  |  | 476 |
Operating expenses |  |  | 2,523 |  |  |  | 1,117 |  |  |  | 1,548 |  |  |  | 686 |
Property taxes |  |  | 578 |  |  |  | 119 |  |  |  | 355 |  |  |  | 73 |
Total cost of operations |  |  | 6,361 |  |  |  | 2,012 |  |  |  | 3,903 |  |  |  | 1,235 |
Total operating loss |  |  | (1,610 | ) |  |  | (1,755 | ) |  |  | (988 | ) |  |  | (1,077 | )
Interest expense |  |  | (3,177 | ) |  |  | (655 | ) |  |  | (2,198 | ) |  |  | (1,130 | )
Net loss before tax |  | $ | (4,787 | ) |  | $ | (2,410 | ) |  | $ | (3,186 | ) |  | $ | (2,207 | )
Greenville Woodfield Riverside Partnership | The income statements of the Greenville Woodfield Riverside Partnership are as follows (in thousands):
|  | Woodfield |  | Woodfield
|  | Riverside Partnership |  | Riverside Partnership
|  | Total JV |  | Company Share
|  | Six Months ended |  | Six Months ended
|  | June 30, |  | June 30,
|  | 2022 |  | 2022
Revenues: |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 1,335 |  |  | $ | 534 |
Revenue – other |  |  | 86 |  |  |  | 34 |
Total Revenues |  |  | 1,421 |  |  |  | 568 |
Cost of operations: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 765 |  |  |  | 306 |
Operating expenses |  |  | 601 |  |  |  | 240 |
Property taxes |  |  | 317 |  |  |  | 127 |
Total cost of operations |  |  | 1,683 |  |  |  | 673 |
Total operating loss |  |  | (262 | ) |  |  | (105 | )
Interest expense |  |  | (301 | ) |  |  | (120 | )
Net loss before tax |  | $ | (563 | ) |  | $ | (225 | )

X
- References No definition available. + Details
Name: | FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentInApartmentsMixedUse
Namespace Prefix: | FRPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentInApartmentsMixedUsePriorYear
Namespace Prefix: | FRPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentInRealEstateNet
Namespace Prefix: | FRPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentInRealEstateNetPriorYear
Namespace Prefix: | FRPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentIncomeStatementsBryant
Namespace Prefix: | FRPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | FRPH_EquityMethodInvestmentSummarizedFinancialInformationInvestmentIncomeStatementsGreenvilleWoodfield
Namespace Prefix: | FRPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration