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Investments in Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2024
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):
| Common Ownership |  | The Company's Total Investment |  | Total Assets of The Partnership |  | Profit (Loss) Of the Partnership |  | The Company's Share of Profit (Loss) of the Partnership
As of June 30, 2024 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,528 |  |  | 14,548 |  |  | (44) |  |  | (22) |
BC FRP Realty, LLC | 50.00 | % |  | 5,783 |  |  | 22,708 |  |  | (130) |  |  | (65) |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,402 |  |  | 4,804 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.10 | % |  | 68,334 |  |  | 201,139 |  |  | (4,594) |  |  | (3,382) |
Lending ventures |  |  | 26,273 |  |  | 15,647 |  |  | — |  |  | — |
BBX Partnerships | 50.00 | % |  | 2,304 |  |  | 4,598 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 3,655 |  |  | 38,520 |  |  | — |  |  | — |
The Verge Partnership | 61.37 | % |  | 38,568 |  |  | 128,752 |  |  | (2,797) |  |  | (1,717) |
Greenville Partnerships | 40.00 | % |  | 6,544 |  |  | 100,330 |  |  | (1,392) |  |  | (557) |
Total |  |  | $ | 161,391 |  |  | 531,046 |  |  | (8,957) |  |  | (5,743) |
Investments in Multifamily Joint Ventures | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of June 30, 2024 are summarized in the following two tables (in thousands):
| As of June 30, 2024 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnership |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnership |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 186,770 |  |  | 37,495 |  |  | 126,070 |  |  | 97,504 |  |  | $ | 447,839 |  |
Cash and restricted cash | 0 |  |  | 6,213 |  |  | 1,025 |  |  | 2,240 |  |  | 2,625 |  |  | 12,103 |  |
Unrealized rents & receivables | 0 |  |  | 6,975 |  |  | 0 |  |  | 381 |  |  | 110 |  |  | 7,466 |  |
Deferred costs | 4,804 |  |  | 1,181 |  |  | 0 |  |  | 61 |  |  | 91 |  |  | 6,137 |  |
Total Assets | $ | 4,804 |  |  | 201,139 |  |  | 38,520 |  |  | 128,752 |  |  | 100,330 |  |  | $ | 473,545 |  |
Secured notes payable | $ | 0 |  |  | 110,553 |  |  | 16,000 |  |  | 68,116 |  |  | 81,687 |  |  | $ | 276,356 |  |
Other liabilities | 0 |  |  | 2,873 |  |  | 0 |  |  | 1,396 |  |  | 1,561 |  |  | 5,830 |  |
Capital – FRP | 2,402 |  |  | 66,327 |  |  | 3,600 |  |  | 36,294 |  |  | 5,565 |  |  | 114,188 |  |
Capital – Third Parties | 2,402 |  |  | 21,386 |  |  | 18,920 |  |  | 22,946 |  |  | 11,517 |  |  | 77,171 |  |
Total Liabilities and Capital | $ | 4,804 |  |  | 201,139 |  |  | 38,520 |  |  | 128,752 |  |  | 100,330 |  |  | $ | 473,545 |  |
The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2023 are summarized in the following two tables (in thousands):
| As of December 31, 2023 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnership |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnership |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 187,616 |  |  | 35,576 |  |  | 128,154 |  |  | 95,911 |  |  | $ | 447,257 |  |
Cash and restricted cash | 0 |  |  | 7,543 |  |  | 3,076 |  |  | 1,323 |  |  | 2,000 |  |  | 13,942 |  |
Unrealized rents & receivables | 0 |  |  | 6,737 |  |  | 0 |  |  | 403 |  |  | 127 |  |  | 7,267 |  |
Deferred costs | 4,652 |  |  | 738 |  |  | 0 |  |  | 293 |  |  | 185 |  |  | 5,868 |  |
Total Assets | $ | 4,652 |  |  | 202,634 |  |  | 38,652 |  |  | 130,173 |  |  | 98,223 |  |  | $ | 474,334 |  |
Secured notes payable | $ | 0 |  |  | 107,084 |  |  | 16,000 |  |  | 72,691 |  |  | 66,434 |  |  | $ | 262,209 |  |
Other liabilities | 0 |  |  | 3,129 |  |  | 0 |  |  | 1,344 |  |  | 3,867 |  |  | 8,340 |  |
Capital – FRP | 2,326 |  |  | 69,779 |  |  | 3,600 |  |  | 34,391 |  |  | 10,450 |  |  | 120,546 |  |
Capital – Third Parties | 2,326 |  |  | 22,642 |  |  | 19,052 |  |  | 21,747 |  |  | 17,472 |  |  | 83,239 |  |
Total Liabilities and Capital | $ | 4,652 |  |  | 202,634 |  |  | 38,652 |  |  | 130,173 |  |  | 98,223 |  |  | $ | 474,334 |  |
Investments in Joint Ventures |
| As of June 30, 2024 |  |
| BBX Partnerships |  | Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total |
Investments in real estate, net | $ | 4,598 |  |  | 14,467 |  |  | 21,794 |  |  | 15,647 |  |  | 447,839 |  |  | $ | 504,345 |  |
Cash and restricted cash | 0 |  |  | 76 |  |  | 247 |  |  | 0 |  |  | 12,103 |  |  | 12,426 |  |
Unrealized rents & receivables | 0 |  |  | 0 |  |  | 433 |  |  | 0 |  |  | 7,466 |  |  | 7,899 |  |
Deferred costs | 0 |  |  | 5 |  |  | 234 |  |  | 0 |  |  | 6,137 |  |  | 6,376 |  |
Total Assets | $ | 4,598 |  |  | 14,548 |  |  | 22,708 |  |  | 15,647 |  |  | 473,545 |  |  | $ | 531,046 |  |
Secured notes payable | $ | 0 |  |  | 0 |  |  | 10,921 |  |  | (10,626) |  |  | 276,356 |  |  | $ | 276,651 |  |
Other liabilities | 0 |  |  | 44 |  |  | 333 |  |  | 0 |  |  | 5,830 |  |  | 6,207 |  |
Capital – FRP | 2,299 |  |  | 7,640 |  |  | 5,727 |  |  | 26,273 |  |  | 114,188 |  |  | 156,127 |  |
Capital – Third Parties | 2,299 |  |  | 6,864 |  |  | 5,727 |  |  | 0 |  |  | 77,171 |  |  | 92,061 |  |
Total Liabilities and Capital | $ | 4,598 |  |  | 14,548 |  |  | 22,708 |  |  | 15,647 |  |  | 473,545 |  |  | $ | 531,046 |  |
| As of December 31, 2023 |  |
| Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total
Investments in real estate, net | $ | 14,358 |  |  | 21,503 |  |  | 17,117 |  |  | 447,257 |  |  | $ | 500,235 |
Cash and restricted cash | 80 |  |  | 127 |  |  | 0 |  |  | 13,942 |  |  | 14,149 |
Unrealized rents & receivables | 0 |  |  | 464 |  |  | 0 |  |  | 7,267 |  |  | 7,731 |
Deferred costs | 1 |  |  | 360 |  |  | 0 |  |  | 5,868 |  |  | 6,229 |
Total Assets | $ | 14,439 |  |  | 22,454 |  |  | 17,117 |  |  | 474,334 |  |  | $ | 528,344 |
Secured notes payable | $ | 0 |  |  | 12,086 |  |  | (10,578) |  |  | 262,209 |  |  | $ | 263,717 |
Other liabilities | 0 |  |  | 402 |  |  | 0 |  |  | 8,340 |  |  | 8,742 |
Capital – FRP | 7,552 |  |  | 4,983 |  |  | 27,695 |  |  | 120,546 |  |  | 160,776 |
Capital - Third Parties | 6,887 |  |  | 4,983 |  |  | 0 |  |  | 83,239 |  |  | 95,109 |
Total Liabilities and Capital | $ | 14,439 |  |  | 22,454 |  |  | 17,117 |  |  | 474,334 |  |  | $ | 528,344 |
Bryant Street Partnerships | The income statements of the Bryant Street Partnerships are as follows (in thousands):
| Bryant Street Partnerships Total JV |  | Bryant Street Partnerships Total JV |  | Bryant Street Partnerships Company Share |  | Bryant Street Partnerships Company Share
| Six Months ended |  | Six Months ended |  | Six Months ended |  | Six Months ended
| June 30, |  | June 30, |  | June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 6,634 |  |  | $ | 6,197 |  |  | $ | 4,784 |  |  | $ | 3,802 |
Revenue – other | 1,214 |  |  | 1,108 |  |  | 876 |  |  | 680 |
Total Revenues | 7,848 |  |  | 7,305 |  |  | 5,660 |  |  | 4,482 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 3,375 |  |  | 3,350 |  |  | 2,434 |  |  | 2,056 |
Operating expenses | 2,989 |  |  | 2,895 |  |  | 2,155 |  |  | 1,776 |
Property taxes | 726 |  |  | 439 |  |  | 524 |  |  | 269 |
Total cost of operations | 7,090 |  |  | 6,684 |  |  | 5,113 |  |  | 4,101 |
Total operating profit/(loss) | 758 |  |  | 621 |  |  | 547 |  |  | 381 |
Interest expense | (5,352) |  |  | (5,917) |  |  | (3,929) |  |  | (3,729) |
Net loss before tax | $ | (4,594) |  |  | $ | (5,296) |  |  | $ | (3,382) |  |  | $ | (3,348) |
Greenville Partnerships | The income statements of the Greenville Partnerships are as follows (in thousands):
| Greenville Partnerships Total JV |  | Greenville Partnerships Total JV |  | Greenville Partnerships Company Share |  | Greenville Partnerships Company Share
| Six Months ended |  | Six Months ended |  | Six Months ended |  | Six Months ended
| June 30, |  | June 30, |  | June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 4,550 |  |  | $ | 2,758 |  |  | $ | 1,820 |  |  | $ | 1,104 |
Revenue – other | 244 |  |  | 201 |  |  | 98 |  |  | 80 |
Total Revenues | 4,794 |  |  | 2,959 |  |  | 1,918 |  |  | 1,184 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 1,744 |  |  | 1,573 |  |  | 698 |  |  | 629 |
Operating expenses | 1,242 |  |  | 1,120 |  |  | 497 |  |  | 449 |
Property taxes | 882 |  |  | 561 |  |  | 353 |  |  | 224 |
Total cost of operations | 3,868 |  |  | 3,254 |  |  | 1,548 |  |  | 1,302 |
Total operating profit/(loss) | 926 |  |  | (295) |  |  | 370 |  |  | (118) |
Interest expense | (2,318) |  |  | (1,761) |  |  | (927) |  |  | (704) |
Net loss before tax | $ | (1,392) |  |  | $ | (2,056) |  |  | $ | (557) |  |  | $ | (822) |
The Verge Partnership | The income statements of The Verge Partnership are as follows (in thousands):
| The Verge Partnership Total JV |  | The Verge Partnership Total JV |  | The Verge Partnership Company Share |  | The Verge Partnership Company Share
| Six Months ended |  | Six Months ended |  | Six Months ended |  | Six Months ended
| June 30, |  | June 30, |  | June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 3,514 |  |  | $ | 870 |  |  | $ | 2,157 |  |  | $ | 534 |
Revenue – other | 520 |  |  | 120 |  |  | 319 |  |  | 74 |
Total Revenues | 4,034 |  |  | 990 |  |  | 2,476 |  |  | 608 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 2,094 |  |  | 2,210 |  |  | 1,285 |  |  | 1,356 |
Operating expenses | 1,605 |  |  | 1,286 |  |  | 985 |  |  | 790 |
Property taxes | 523 |  |  | 509 |  |  | 321 |  |  | 312 |
Total cost of operations | 4,222 |  |  | 4,005 |  |  | 2,591 |  |  | 2,458 |
Total operating profit/(loss) | (188) |  |  | (3,015) |  |  | (115) |  |  | (1,850) |
Interest expense | (2,609) |  |  | (2,368) |  |  | (1,602) |  |  | (1,453) |
Net loss before tax | $ | (2,797) |  |  | $ | (5,383) |  |  | $ | (1,717) |  |  | $ | (3,303) |

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