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Investments in Joint Ventures (Tables) | 3 Months Ended
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Sep. 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 September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC |  | 50.00 | % | $ | 7,532 |  |  | 14,478 |  |  | (66 | ) |  | (33 | )
BC FRP Realty, LLC |  | 50.00 | % |  | 5,450 |  |  | 22,088 |  |  | (185 | ) |  | (91 | )
Bryant Street Partnerships |  | 61.36 | % |  | 57,163 |  |  | 201,572 |  |  | (7,132 | ) |  | (4,743 | )
Lending ventures |  |  |  |  | 16,563 |  |  | 5,379 |  |  | — |  |  | — |
DST Hickory Creek |  | 26.65 | % |  | 6,000 |  |  | 44,646 |  |  | (420 | ) |  | 281 |
Estero Partnership |  | 16.00 | % |  | 3,600 |  |  | 38,500 |  |  | — |  |  | — |
1800 Half St. Owner, LLC |  | 61.37 | % |  | 39,133 |  |  | 129,140 |  |  | (487 | ) |  | (299 | )
Greenville/Woodfield Partnerships |  | 40.00 | % |  | 12,262 |  |  | 96,620 |  |  | (908 | ) |  | (363 | )
Total |  |  |  | $ | 147,703 |  |  | 552,423 |  |  | (9,198 | ) |  | (5,248 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 $747,000 in 2021 for the Company’s share of preferred interest and $354,000 in the first nine months of 2022 and $354,000 in the first nine months of 2021 for amortization of guarantee liability related to the Bryant Street loan.
Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2022 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2022
| As of September 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 |  |  |  | 194,062 |  |  |  | 42,740 |  |  |  | 128,437 |  |  |  | 95,420 |  |  | $ | 460,659 |
Cash and cash equivalents |  | 0 |  |  |  | 1,719 |  |  |  | 391 |  |  |  | 438 |  |  |  | 642 |  |  |  | 3,190 |
Unrealized rents & receivables |  | 0 |  |  |  | 5,231 |  |  |  | 1,230 |  |  |  | 52 |  |  |  | 18 |  |  |  | 6,531 |
Deferred costs |  | 0 |  |  |  | 560 |  |  |  | 285 |  |  |  | 213 |  |  |  | 540 |  |  |  | 1,598 |
Total Assets | $ | 0 |  |  |  | 201,572 |  |  |  | 44,646 |  |  |  | 129,140 |  |  |  | 96,620 |  |  | $ | 471,978 |
Secured notes payable | $ | 0 |  |  |  | 128,980 |  |  |  | 29,371 |  |  |  | 60,153 |  |  |  | 63,600 |  |  | $ | 282,104 |
Other liabilities |  | 0 |  |  |  | 3,394 |  |  |  | 155 |  |  |  | 8,417 |  |  |  | 3,557 |  |  |  | 15,523 |
Capital - FRP |  | 0 |  |  |  | 53,275 |  |  |  | 4,029 |  |  |  | 37,179 |  |  |  | 11,439 |  |  |  | 105,922 |
Capital – Third Parties |  | 0 |  |  |  | 15,923 |  |  |  | 11,091 |  |  |  | 23,391 |  |  |  | 18,024 |  |  |  | 68,429 |
Total Liabilities and Capital | $ | 0 |  |  |  | 201,572 |  |  |  | 44,646 |  |  |  | 129,140 |  |  |  | 96,620 |  |  | $ | 471,978 |
Investments in Joint Ventures as of September 30, 2022 | Investments in Joint Ventures as of September 30, 2022
| As of September 30, 2022 |  |
| Brooksville |  | BC FRP |  | Lending |  | Estero |  | Apartment/ |  | Grand
| Quarry, LLC |  | Realty, LLC |  | Ventures |  | Partnership |  | Mixed Use |  | Total
Investments in real estate, net | $ | 14,307 |  |  |  | 21,185 |  |  |  | 5,219 |  |  |  | 32,626 |  |  |  | 460,659 |  |  | $ | 533,996 |
Cash and cash equivalents |  | 169 |  |  |  | 208 |  |  |  | 0 |  |  |  | 5,874 |  |  |  | 3,190 |  |  |  | 9,441 |
Unrealized rents & receivables |  | 0 |  |  |  | 433 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,531 |  |  |  | 6,964 |
Deferred costs |  | 2 |  |  |  | 262 |  |  |  | 160 |  |  |  | 0 |  |  |  | 1,598 |  |  |  | 2,022 |
Total Assets | $ | 14,478 |  |  |  | 22,088 |  |  |  | 5,379 |  |  |  | 38,500 |  |  |  | 471,978 |  |  | $ | 552,423 |
Secured notes payable | $ | 0 |  |  |  | 11,184 |  |  |  | (11,184 | ) |  |  | 16,000 |  |  |  | 282,104 |  |  | $ | 298,104 |
Other liabilities |  | 85 |  |  |  | 142 |  |  |  | 0 |  |  |  | 0 |  |  |  | 15,523 |  |  |  | 15,750 |
Capital - FRP |  | 7,532 |  |  |  | 5,381 |  |  |  | 16,563 |  |  |  | 3,600 |  |  |  | 105,922 |  |  |  | 138,998 |
Capital - Third Parties |  | 6,861 |  |  |  | 5,381 |  |  |  | 0 |  |  |  | 18,900 |  |  |  | 68,429 |  |  |  | 99,571 |
Total Liabilities and Capital | $ | 14,478 |  |  |  | 22,088 |  |  |  | 5,379 |  |  |  | 38,500 |  |  |  | 471,978 |  |  | $ | 552,423 |
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 at December 31, 2021 | Investments in Joint Ventures at 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 |
|  | Nine Months ended |  | Nine Months ended |  | Nine Months ended |  | Nine Months ended |
|  | September 30, |  | September 30, |  | September 30, |  | September 30, |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 6,718 |  |  | $ | 1,153 |  |  | $ | 4,123 |  |  | $ | 707 |
Revenue – other |  |  | 1,306 |  |  |  | 190 |  |  |  | 801 |  |  |  | 117 |
Total Revenues |  |  | 8,024 |  |  |  | 1,343 |  |  |  | 4,924 |  |  |  | 824 |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 4,995 |  |  |  | 1,482 |  |  |  | 3,065 |  |  |  | 909 |
Operating expenses |  |  | 3,846 |  |  |  | 1,938 |  |  |  | 2,360 |  |  |  | 1,190 |
Property taxes |  |  | 878 |  |  |  | 255 |  |  |  | 539 |  |  |  | 156 |
Total cost of operations |  |  | 9,719 |  |  |  | 3,675 |  |  |  | 5,964 |  |  |  | 2,255 |
Total operating loss |  |  | (1,695 | ) |  |  | (2,332 | ) |  |  | (1,040 | ) |  |  | (1,431 | )
Interest expense |  |  | (5,437 | ) |  |  | (1,234 | ) |  |  | (3,703 | ) |  |  | (1,803 | )
Net loss before tax |  | $ | (7,132 | ) |  | $ | (3,566 | ) |  | $ | (4,743 | ) |  | $ | (3,234 | )
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
|  | Nine Months ended |  | Nine Months ended
|  | September 30, |  | September 30,
|  | 2022 |  | 2022
Revenues: |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 2,234 |  |  | $ | 894 |
Revenue – other |  |  | 125 |  |  |  | 50 |
Total Revenues |  |  | 2,359 |  |  |  | 944 |
Cost of operations: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,162 |  |  |  | 465 |
Operating expenses |  |  | 906 |  |  |  | 363 |
Property taxes |  |  | 476 |  |  |  | 190 |
Total cost of operations |  |  | 2,544 |  |  |  | 1,018 |
Total operating loss |  |  | (185 | ) |  |  | (74 | )
Interest expense |  |  | (697 | ) |  |  | (279 | )
Net loss before tax |  | $ | (882 | ) |  | $ | (353 | )

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- 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
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