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Investments in Joint Ventures | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Joint Ventures |
| 2. | 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. During the year we had two new investments in unconsolidated joint ventures: Estero - In August of 2022, we invested $3.6 million for a 16% interest in a joint venture with Woodfield Development to purchase 46 acres in Estero, FL. While the joint venture attempts to rezone the property, the Company will receive a preferred return of 8% with an option to roll its investment into equity in the vertical development or exit at that point. The Company’s equity interest in the joint venture is accounted for under the equity method of accounting because of the Company’s significant influence in the development process. Lending Ventures – In September of 2022, we paid off and extended for up to 3 years the secured note on the property in our BC FRP Realty, LLC joint venture advancing a total of $11.3 million of the maximum commitment of $16 million. This is included in our Lending Ventures investments in the tables that follow along with our residential real estate development investments at Aberdeen and Amber Ridge. The loan on the BC FRP Realty, LLC joint venture statement is reclassified to equity in the Lending Ventures table. FRP/MRP Buzzard Point Sponsor, LLC – This partnership has been engaged in pre-development activities for phase one of property owned by Steuart Investment Company (SIC) under a Contribution and Pre-Development Agreement between this partnership and SIC. 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 December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC |  | 50.00 | % | $ | 7,522 |  |  | 14,374 |  |  | (84 | ) |  | (42 | )
BC FRP Realty, LLC |  | 50.00 | % |  | 5,453 |  |  | 21,825 |  |  | (358 | ) |  | (175 | )
Buzzard Point Sponsor, LLC |  | 50.00 | % |  | 1,453 |  |  | 2,906 |  |  | — |  |  | — |
Bryant Street Partnerships |  | 61.36 | % |  | 55,561 |  |  | 199,774 |  |  | (10,339 | ) |  | (6,829 | )
Lending ventures |  |  |  |  | 16,476 |  |  | 5,577 |  |  | — |  |  | — |
DST Hickory Creek |  | 26.65 | % |  | — |  |  | — |  |  | 10,960 |  |  | 3,164 |
Estero Partnership |  | 16.00 | % |  | 3,600 |  |  | 38,505 |  |  | — |  |  | — |
1800 Half St. Owner, LLC |  | 61.37 | % |  | 38,471 |  |  | 131,128 |  |  | (1,841 | ) |  | (1,129 | )
Greenville Partnerships |  | 40.00 | % |  | 11,989 |  |  | 96,551 |  |  | (1,775 | ) |  | (710 | )
Total |  |  |  | $ | 140,525 |  |  | 510,640 |  |  | (3,437 | ) |  | (5,721 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 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 includes $747,000 in 2021 for the Company’s share of preferred interest and $471,000 in 2021 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 December 31, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2022
| As of December 31, 2022 |  | Total
| Buzzard Point |  | Bryant Street |  | Estero |  | 1800 Half St. |  | Greenville |  | Apartment/
| Sponsor, LLC |  | Partnership |  | Partnership |  | Partnership |  | Partnership |  | Mixed-Use
Investments in real estate, net | $ | 0 |  |  |  | 192,904 |  |  |  | 33,008 |  |  |  | 130,616 |  |  |  | 95,883 |  |  | $ | 452,411 |
Cash and cash equivalents |  | 0 |  |  |  | 1,349 |  |  |  | 5,497 |  |  |  | 359 |  |  |  | 567 |  |  |  | 7,772 |
Unrealized rents & receivables |  | 0 |  |  |  | 5,128 |  |  |  | 0 |  |  |  | 14 |  |  |  | 13 |  |  |  | 5,155 |
Deferred costs |  | 2,906 |  |  |  | 393 |  |  |  | 0 |  |  |  | 139 |  |  |  | 88 |  |  |  | 3,526 |
Total Assets | $ | 2,906 |  |  |  | 199,774 |  |  |  | 38,505 |  |  |  | 131,128 |  |  |  | 96,551 |  |  | $ | 468,864 |
Secured notes payable | $ | 0 |  |  |  | 129,263 |  |  |  | 16,000 |  |  |  | 66,584 |  |  |  | 64,954 |  |  | $ | 276,801 |
Other liabilities |  | 0 |  |  |  | 2,338 |  |  |  | 5 |  |  |  | 5,328 |  |  |  | 3,014 |  |  |  | 10,685 |
Capital - FRP |  | 1,453 |  |  |  | 53,553 |  |  |  | 3,600 |  |  |  | 36,348 |  |  |  | 11,087 |  |  |  | 106,041 |
Capital – Third Parties |  | 1,453 |  |  |  | 14,620 |  |  |  | 18,900 |  |  |  | 22,868 |  |  |  | 17,496 |  |  |  | 75,337 |
Total Liabilities and Capital | $ | 2,906 |  |  |  | 199,774 |  |  |  | 38,505 |  |  |  | 131,128 |  |  |  | 96,551 |  |  | $ | 468,864 |
Investments in Joint Ventures as of December 31, 2022
| As of December 31, 2022 |  | Total |
| Brooksville |  | BC FRP |  | Lending |  | Apartment/ |  | Grand |
| Quarry, LLC |  | Realty, LLC |  | Ventures |  | Mixed-Use |  | Total |
Investments in real estate, net | $ | 14,307 |  |  | 21,059 |  |  | 5,547 |  |  | 452,411 |  | $ | 493,324 |
Cash and cash equivalents |  | 66 |  |  | 99 |  |  | 0 |  |  | 7,772 |  |  | 7,937 |
Unrealized rents & receivables |  | 0 |  |  | 422 |  |  | 0 |  |  | 5,155 |  |  | 5,577 |
Deferred costs |  | 1 |  |  | 245 |  |  | 30 |  |  | 3,526 |  |  | 3,802 |
Total Assets | $ | 14,374 |  |  | 21,825 |  |  | 5,577 |  |  | 468,864 |  | $ | 510,640 |
Secured notes payable | $ | 0 |  |  | 10,899 |  |  | (10,899 | ) |  | 276,801 |  | $ | 276,801 |
Other liabilities |  | 0 |  |  | 338 |  |  | 0 |  |  | 10,685 |  |  | 11,023 |
Capital – FRP |  | 7,522 |  |  | 5,294 |  |  | 16,476 |  |  | 106,041 |  |  | 135,333 |
Capital - Third Parties |  | 6,852 |  |  | 5,294 |  |  | 0 |  |  | 75,337 |  |  | 87,483 |
Total Liabilities and Capital | $ | 14,374 |  |  | 21,825 |  |  | 5,577 |  |  | 468,864 |  | $ | 510,640 |
The Company’s capital recorded by the unconsolidated Joint Ventures is $5,032,000 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, 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
| 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 |
The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(13,115,000) and $(8,942,000) as of December 31, 2022 and December 31, 2021, respectively. 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 |
|  | Year ended |  | Year ended |  | Year ended |  | Year ended |
|  | December 31, |  | December 31, |  | December 31, |  | December 31, |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 9,586 |  |  | $ | 2,376 |  |  | $ | 5,882 |  |  | $ | 1,458 |
Revenue – other |  |  | 1,766 |  |  |  | 318 |  |  |  | 1,084 |  |  |  | 195 |
Total Revenues |  |  | 11,352 |  |  |  | 2,694 |  |  |  | 6,966 |  |  |  | 1,653 |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 6,737 |  |  |  | 2,842 |  |  |  | 4,134 |  |  |  | 1,744 |
Operating expenses |  |  | 5,428 |  |  |  | 3,163 |  |  |  | 3,331 |  |  |  | 1,941 |
Property taxes |  |  | 1,376 |  |  |  | 398 |  |  |  | 844 |  |  |  | 244 |
Total cost of operations |  |  | 13,541 |  |  |  | 6,403 |  |  |  | 8,309 |  |  |  | 3,929 |
Total operating loss |  |  | (2,189 | ) |  |  | (3,709 | ) |  |  | (1,343 | ) |  |  | (2,276 | )
Interest expense |  |  | (8,150 | ) |  |  | (2,375 | ) |  |  | (5,486 | ) |  |  | (2,678 | )
Net loss before tax |  | $ | (10,339 | ) |  | $ | (6,084 | ) |  | $ | (6,829 | ) |  | $ | (4,954 | )
The income statements of the Greenville Woodfield Riverside Partnership are as follow (in thousands):
|  | Woodfield |  | Woodfield
|  | Riverside Partnership |  | Riverside Partnership
|  | Total JV |  | Company Share
|  | Year ended |  | Year ended
|  | December 31, |  | December 31,
|  | 2022 |  | 2022
Revenues: |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 3,146 |  |  | $ | 1,259 |
Revenue – other |  |  | 176 |  |  |  | 70 |
Total Revenues |  |  | 3,322 |  |  |  | 1,329 |
Cost of operations: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,557 |  |  |  | 623 |
Operating expenses |  |  | 1,207 |  |  |  | 483 |
Property taxes |  |  | 778 |  |  |  | 311 |
Total cost of operations |  |  | 3,542 |  |  |  | 1,417 |
Total operating loss |  |  | (220 | ) |  |  | (88 | )
Interest expense |  |  | (1,113 | ) |  |  | (445 | )
Net loss before tax |  | $ | (1,333 | ) |  | $ | (533 | )

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- References No definition available. + Details
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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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