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Investments in Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Joint Ventures | The following table summarizes the Company’s investments in unconsolidated joint ventures (in thousands):
| FRP 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 September 30, 2024 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,514 |  |  | 14,432 |  |  | (70) |  |  | (35) |
BC FRP Realty, LLC | 50.00 | % |  | 5,484 |  |  | 21,996 |  |  | (728) |  |  | (364) |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,424 |  |  | 4,848 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.10 | % |  | 66,747 |  |  | 198,821 |  |  | (6,748) |  |  | (4,969) |
Lending ventures |  |  | 27,374 |  |  | 16,929 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 3,683 |  |  | 38,520 |  |  | — |  |  | — |
The Verge Partnership | 61.37 | % |  | 37,849 |  |  | 127,103 |  |  | (3,969) |  |  | (2,436) |
Greenville Partnerships | 40.00 | % |  | 6,197 |  |  | 100,735 |  |  | (1,945) |  |  | (778) |
Total |  |  | $ | 157,272 |  |  | 523,384 |  |  | (13,460) |  |  | (8,582) |
Schedule of Investments in Multifamily Joint Ventures | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2024 are summarized in the following two tables (in thousands):
| As of September 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 |  |  | 185,176 |  |  | 37,495 |  |  | 125,044 |  |  | 97,101 |  |  | $ | 444,816 |  |
Cash and restricted cash | 0 |  |  | 5,193 |  |  | 1,025 |  |  | 1,580 |  |  | 3,027 |  |  | 10,825 |  |
Unrealized rents & receivables | 0 |  |  | 6,960 |  |  | 0 |  |  | 310 |  |  | 494 |  |  | 7,764 |  |
Deferred costs | 4,848 |  |  | 1,492 |  |  | 0 |  |  | 169 |  |  | 113 |  |  | 6,622 |  |
Total Assets | $ | 4,848 |  |  | 198,821 |  |  | 38,520 |  |  | 127,103 |  |  | 100,735 |  |  | $ | 470,027 |  |
Secured notes payable | $ | 0 |  |  | 110,802 |  |  | 16,000 |  |  | 68,178 |  |  | 81,756 |  |  | $ | 276,736 |  |
Other liabilities | 0 |  |  | 2,459 |  |  | 0 |  |  | 856 |  |  | 2,225 |  |  | 5,540 |  |
Capital – FRP | 2,424 |  |  | 64,740 |  |  | 3,600 |  |  | 35,575 |  |  | 5,356 |  |  | 111,695 |  |
Capital – Third Parties | 2,424 |  |  | 20,820 |  |  | 18,920 |  |  | 22,494 |  |  | 11,398 |  |  | 76,056 |  |
Total Liabilities and Capital | $ | 4,848 |  |  | 198,821 |  |  | 38,520 |  |  | 127,103 |  |  | 100,735 |  |  | $ | 470,027 |  |
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 |  |
Schedule of Investments in Joint Ventures |
|  | Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total |
Investments in real estate, net |  | $ | 14,356 |  |  | 21,084 |  |  | 16,929 |  |  | 444,816 |  |  | $ | 497,185 |  |
Cash and restricted cash |  | 74 |  |  | 108 |  |  | 0 |  |  | 10,825 |  |  | 11,007 |  |
Unrealized rents & receivables |  | 0 |  |  | 451 |  |  | 0 |  |  | 7,764 |  |  | 8,215 |  |
Deferred costs |  | 2 |  |  | 353 |  |  | 0 |  |  | 6,622 |  |  | 6,977 |  |
Total Assets |  | $ | 14,432 |  |  | 21,996 |  |  | 16,929 |  |  | 470,027 |  |  | $ | 523,384 |  |
Secured notes payable |  | $ | 0 |  |  | 10,857 |  |  | (10,445) |  |  | 276,736 |  |  | $ | 277,148 |  |
Other liabilities |  | 66 |  |  | 283 |  |  | 0 |  |  | 5,540 |  |  | 5,889 |  |
Capital – FRP |  | 7,515 |  |  | 5,428 |  |  | 27,374 |  |  | 111,695 |  |  | 152,012 |  |
Capital – Third Parties |  | 6,851 |  |  | 5,428 |  |  | 0 |  |  | 76,056 |  |  | 88,335 |  |
Total Liabilities and Capital |  | $ | 14,432 |  |  | 21,996 |  |  | 16,929 |  |  | 470,027 |  |  | $ | 523,384 |  |
| 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 |
Schedule of 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
| Nine Months ended |  | Nine Months ended |  | Nine Months ended |  | Nine Months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 10,191 |  |  | $ | 9,322 |  |  | $ | 7,341 |  |  | $ | 5,720 |
Revenue – other | 1,623 |  |  | 1,784 |  |  | 1,169 |  |  | 1,095 |
Total Revenues | 11,814 |  |  | 11,106 |  |  | 8,510 |  |  | 6,815 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 5,139 |  |  | 5,202 |  |  | 3,702 |  |  | 3,192 |
Operating expenses | 4,394 |  |  | 4,384 |  |  | 3,165 |  |  | 2,690 |
Property taxes | 1,051 |  |  | 789 |  |  | 757 |  |  | 484 |
Total cost of operations | 10,584 |  |  | 10,375 |  |  | 7,624 |  |  | 6,366 |
Total operating profit/(loss) | 1,230 |  |  | 731 |  |  | 886 |  |  | 449 |
Interest expense | (7,978) |  |  | (8,607) |  |  | (5,855) |  |  | (5,380) |
Net loss before tax | $ | (6,748) |  |  | $ | (7,876) |  |  | $ | (4,969) |  |  | $ | (4,931) |
The Company completed negotiations with MRP concerning the ownership adjustment related to the Bryant Street stabilization and conversion of FRP preferred equity to common equity resulting in FRP ownership of 72.10% effective in 2024 compared to 61.36% prior ownership. Interest expense in 2024 for the total JV and the Company share includes $372,000 loan guarantee expense.
Schedule of 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
| Nine Months ended |  | Nine Months ended |  | Nine Months ended |  | Nine Months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 6,668 |  |  | $ | 4,875 |  |  | $ | 2,667 |  |  | $ | 1,950 |
Revenue – other | 608 |  |  | 405 |  |  | 243 |  |  | 162 |
Total Revenues | 7,276 |  |  | 5,280 |  |  | 2,910 |  |  | 2,112 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 2,625 |  |  | 2,118 |  |  | 1,050 |  |  | 847 |
Operating expenses | 1,958 |  |  | 1,784 |  |  | 782 |  |  | 714 |
Property taxes | 1,129 |  |  | 882 |  |  | 452 |  |  | 353 |
Total cost of operations | 5,712 |  |  | 4,784 |  |  | 2,284 |  |  | 1,914 |
Total operating profit/(loss) | 1,564 |  |  | 496 |  |  | 626 |  |  | 198 |
Interest expense | (3,509) |  |  | (2,872) |  |  | (1,404) |  |  | (1,148) |
Net loss before tax | $ | (1,945) |  |  | $ | (2,376) |  |  | $ | (778) |  |  | $ | (950) |
Schedule of 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
| Nine Months ended |  | Nine Months ended |  | Nine Months ended |  | Nine Months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 5,355 |  |  | $ | 2,042 |  |  | $ | 3,286 |  |  | $ | 1,254 |
Revenue – other | 761 |  |  | 320 |  |  | 467 |  |  | 196 |
Total Revenues | 6,116 |  |  | 2,362 |  |  | 3,753 |  |  | 1,450 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 3,250 |  |  | 2,958 |  |  | 1,995 |  |  | 1,815 |
Operating expenses | 2,301 |  |  | 2,057 |  |  | 1,411 |  |  | 1,263 |
Property taxes | 743 |  |  | 741 |  |  | 456 |  |  | 455 |
Total cost of operations | 6,294 |  |  | 5,756 |  |  | 3,862 |  |  | 3,533 |
Total operating profit/(loss) | (178) |  |  | (3,394) |  |  | (109) |  |  | (2,083) |
Interest expense | (3,791) |  |  | (3,767) |  |  | (2,327) |  |  | (2,312) |
Net loss before tax | $ | (3,969) |  |  | $ | (7,161) |  |  | $ | (2,436) |  |  | $ | (4,395) |

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