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Investments in Joint Ventures | 3 Months Ended
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Sep. 30, 2023
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 |
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 | )
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
| 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 |
The Company’s capital recorded by the unconsolidated Joint Ventures is $5,285,000 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, 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
| 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 amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(20,837,000) and $(13,115,000) as of September 30, 2023 and December 31, 2022, 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 |
|  | 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 | )
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 | )
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 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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