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Investments in Joint Ventures (Tables) | 3 Months Ended
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Sep. 30, 2023
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 |
As of September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC |  | 50.00 | % | $ | 7,486 |  |  | 14,372 |  |  | (62 | ) |  | (31 | )
BC FRP Realty, LLC |  | 50.00 | % |  | 5,077 |  |  | 22,164 |  |  | (556 | ) |  | (278 | )
Buzzard Point Sponsor, LLC |  | 50.00 | % |  | 2,292 |  |  | 4,584 |  |  | — |  |  | — |
Bryant Street Partnerships |  | 61.36 | % |  | 61,140 |  |  | 195,915 |  |  | (7,876 | ) |  | (4,931 | )
Lending ventures |  |  |  |  | 25,084 |  |  | 14,428 |  |  | — |  |  | — |
Estero Partnership |  | 16.00 | % |  | 3,600 |  |  | 38,703 |  |  | — |  |  | — |
Verge Partnership |  | 61.37 | % |  | 37,535 |  |  | 130,978 |  |  | (7,161 | ) |  | (4,395 | )
Greenville Partnerships |  | 40.00 | % |  | 11,811 |  |  | 98,617 |  |  | (2,376 | ) |  | (950 | )
Total |  |  |  | $ | 154,025 |  |  | 519,761 |  |  | (18,031 | ) |  | (10,585 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | The |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Company's |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Share of Profit |
|  | Common |  |  | Total |  |  | Total Assets of |  |  | Profit (Loss) |  |  | (Loss) of the |
|  | Ownership |  |  | Investment |  |  | The Partnership |  |  | Of the Partnership |  |  | Partnership |
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 |  |  | — |  |  | — |
Verge Partnership |  | 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 | )
Investments in Apartment/Mixed-use as of September 30, 2023 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed-use as of September 30, 2023
| As of September 30, 2023 |  | Total
| Buzzard Point |  | Bryant Street |  | Estero |  | Verge |  | Greenville |  | Apartment/
| Sponsor, LLC |  | Partnership |  | Partnership |  | Partnership |  | Partnership |  | Mixed-Use
Investments in real estate, net | $ | 0 |  |  |  | 187,693 |  |  |  | 34,416 |  |  |  | 129,145 |  |  |  | 96,834 |  |  | $ | 448,088 |
Cash and cash equivalents |  | 0 |  |  |  | 1,661 |  |  |  | 4,287 |  |  |  | 1,170 |  |  |  | 1,595 |  |  |  | 8,713 |
Unrealized rents & receivables |  | 0 |  |  |  | 6,141 |  |  |  | 0 |  |  |  | 309 |  |  |  | 83 |  |  |  | 6,533 |
Deferred costs |  | 4,584 |  |  |  | 420 |  |  |  | 0 |  |  |  | 354 |  |  |  | 105 |  |  |  | 5,463 |
Total Assets | $ | 4,584 |  |  |  | 195,915 |  |  |  | 38,703 |  |  |  | 130,978 |  |  |  | 98,617 |  |  | $ | 468,797 |
Secured notes payable | $ | 0 |  |  |  | 116,922 |  |  |  | 16,000 |  |  |  | 72,402 |  |  |  | 67,414 |  |  | $ | 272,738 |
Other liabilities |  | 0 |  |  |  | 2,786 |  |  |  | 174 |  |  |  | 1,102 |  |  |  | 2,243 |  |  |  | 6,305 |
Capital - FRP |  | 2,292 |  |  |  | 59,132 |  |  |  | 3,605 |  |  |  | 35,261 |  |  |  | 10,858 |  |  |  | 111,148 |
Capital – Third Parties |  | 2,292 |  |  |  | 17,075 |  |  |  | 18,924 |  |  |  | 22,213 |  |  |  | 18,102 |  |  |  | 78,606 |
Total Liabilities and Capital | $ | 4,584 |  |  |  | 195,915 |  |  |  | 38,703 |  |  |  | 130,978 |  |  |  | 98,617 |  |  | $ | 468,797 |
Investments in Joint Ventures as of September 30, 2023 | Investments in Joint Ventures as of September 30, 2023
| As of September 30, 2023 |  | Total |
| Brooksville |  | BC FRP |  | Lending |  | Apartment/ |  | Grand |
| Quarry, LLC |  | Realty, LLC |  | Ventures |  | Mixed-Use |  | Total |
Investments in real estate, net | $ | 14,343 |  |  | 21,260 |  |  | 14,428 |  |  | 448,088 |  | $ | 498,119 |
Cash and cash equivalents |  | 27 |  |  | 74 |  |  | 0 |  |  | 8,713 |  |  | 8,814 |
Unrealized rents & receivables |  | 0 |  |  | 457 |  |  | 0 |  |  | 6,533 |  |  | 6,990 |
Deferred costs |  | 2 |  |  | 373 |  |  | 0 |  |  | 5,463 |  |  | 5,838 |
Total Assets | $ | 14,372 |  |  | 22,164 |  |  | 14,428 |  |  | 468,797 |  | $ | 519,761 |
Secured notes payable | $ | 0 |  |  | 11,856 |  |  | (10,656 | ) |  | 272,738 |  | $ | 273,938 |
Other liabilities |  | 64 |  |  | 266 |  |  | 0 |  |  | 6,305 |  |  | 6,635 |
Capital – FRP |  | 7,487 |  |  | 5,021 |  |  | 25,084 |  |  | 111,148 |  |  | 148,740 |
Capital - Third Parties |  | 6,821 |  |  | 5,021 |  |  | 0 |  |  | 78,606 |  |  | 90,448 |
Total Liabilities and Capital | $ | 14,372 |  |  | 22,164 |  |  | 14,428 |  |  | 468,797 |  | $ | 519,761 |
Investments in Apartment/Mixed-use as of December 31, 2022 | 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 as of December 31, 2022
| As of December 31, 2022 |  | Total
| Buzzard Point |  | Bryant Street |  | Estero |  | Verge |  | 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 | 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 |
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, |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 9,322 |  |  | $ | 6,718 |  |  | $ | 5,720 |  |  | $ | 4,123 |
Revenue – other |  |  | 1,784 |  |  |  | 1,306 |  |  |  | 1,095 |  |  |  | 801 |
Total Revenues |  |  | 11,106 |  |  |  | 8,024 |  |  |  | 6,815 |  |  |  | 4,924 |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 5,202 |  |  |  | 4,995 |  |  |  | 3,192 |  |  |  | 3,065 |
Operating expenses |  |  | 4,384 |  |  |  | 3,846 |  |  |  | 2,690 |  |  |  | 2,360 |
Property taxes |  |  | 789 |  |  |  | 878 |  |  |  | 484 |  |  |  | 539 |
Total cost of operations |  |  | 10,375 |  |  |  | 9,719 |  |  |  | 6,366 |  |  |  | 5,964 |
Total operating profit/(loss) |  |  | 731 |  |  |  | (1,695 | ) |  |  | 449 |  |  |  | (1,040 | )
Interest expense |  |  | (8,607 | ) |  |  | (5,437 | ) |  |  | (5,380 | ) |  |  | (3,703 | )
Net loss before tax |  | $ | (7,876 | ) |  | $ | (7,132 | ) |  | $ | (4,931 | ) |  | $ | (4,743 | )
Greenville Partnerships | The income statements of the Greenville Partnerships are as follows (in thousands):
|  | Greenville |  | Greenville |  | Greenville |  | Greenville |
|  | 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, |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 4,875 |  |  | $ | 2,234 |  |  | $ | 1,950 |  |  | $ | 894 |
Revenue – other |  |  | 405 |  |  |  | 125 |  |  |  | 162 |  |  |  | 50 |
Total Revenues |  |  | 5,280 |  |  |  | 2,359 |  |  |  | 2,112 |  |  |  | 944 |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 2,118 |  |  |  | 1,162 |  |  |  | 847 |  |  |  | 465 |
Operating expenses |  |  | 1,784 |  |  |  | 906 |  |  |  | 714 |  |  |  | 363 |
Property taxes |  |  | 882 |  |  |  | 476 |  |  |  | 353 |  |  |  | 190 |
Total cost of operations |  |  | 4,784 |  |  |  | 2,544 |  |  |  | 1,914 |  |  |  | 1,018 |
Total operating profit/(loss) |  |  | 496 |  |  |  | (185 | ) |  |  | 198 |  |  |  | (74 | )
Interest expense |  |  | (2,872 | ) |  |  | (697 | ) |  |  | (1,148 | ) |  |  | (279 | )
Net loss before tax |  | $ | (2,376 | ) |  | $ | (882 | ) |  | $ | (950 | ) |  | $ | (353 | )
Verge Partnership | The income statements of the Verge Partnership are as follows (in thousands):
|  | Verge |  | Verge
|  | Partnership |  | Partnership
|  | Total JV |  | Company Share
|  | Nine months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2023 |  | 2023
Revenues: |  |  |  |  |  |  |  |
Rental Revenue |  | $ | 2,042 |  |  | $ | 1,254 |
Revenue – other |  |  | 320 |  |  |  | 196 |
Total Revenues |  |  | 2,362 |  |  |  | 1,450 |
Cost of operations: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 2,958 |  |  |  | 1,815 |
Operating expenses |  |  | 2,057 |  |  |  | 1,263 |
Property taxes |  |  | 741 |  |  |  | 455 |
Total cost of operations |  |  | 5,756 |  |  |  | 3,533 |
Total operating profit |  |  | (3,394 | ) |  |  | (2,083 | )
Interest expense |  |  | (3,767 | ) |  |  | (2,312 | )
Net profit before tax |  | $ | (7,161 | ) |  | $ | (4,395 | )

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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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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