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Investments in Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 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):
| Common Ownership |  | Total Investment |  | Total Assets of The Partnership |  | Profit (Loss) Of the Partnership |  | The Company's Share of Profit (Loss) of the Partnership (1)
As of December 31, 2024 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,579 |  |  | 14,498 |  |  | (88) |  |  | (44) |
BC FRP Realty, LLC | 50.00 | % |  | 5,722 |  |  | 21,930 |  |  | (664) |  |  | (332) |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,446 |  |  | 4,892 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.10 | % |  | 65,248 |  |  | 194,390 |  |  | (8,631) |  |  | (6,721) |
Lending ventures |  |  | 26,164 |  |  | 16,007 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 3,711 |  |  | 41,346 |  |  | — |  |  | — |
Verge Partnership | 61.37 | % |  | 37,148 |  |  | 126,399 |  |  | (5,055) |  |  | (3,102) |
Greenville Partnerships | 40.00 | % |  | 5,881 |  |  | 97,577 |  |  | (2,900) |  |  | (1,160) |
Total |  |  | $ | 153,899 |  |  | 517,039 |  |  | (17,338) |  |  | (11,359) |
As of December 31, 2023 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,552 |  |  | 14,439 |  |  | (82) |  |  | (41) |
BC FRP Realty, LLC | 50.00 | % |  | 5,039 |  |  | 22,454 |  |  | (632) |  |  | (316) |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,326 |  |  | 4,652 |  |  | — |  |  | — |
Bryant Street Partnerships | 61.36 | % |  | 71,786 |  |  | 202,634 |  |  | (10,296) |  |  | (4,558) |
Lending ventures |  |  | 27,695 |  |  | 17,117 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 3,600 |  |  | 38,652 |  |  | — |  |  | — |
Verge Partnership | 61.37 | % |  | 36,665 |  |  | 130,173 |  |  | (9,039) |  |  | (5,547) |
Greenville Partnerships | 40.00 | % |  | 11,403 |  |  | 98,223 |  |  | (3,687) |  |  | (1,475) |
Total |  |  | $ | 166,066 |  |  | 528,344 |  |  | (23,736) |  |  | (11,937) |
Schedule of Investments in Multifamily Joint Ventures | The major classes of assets, liabilities and equity of the Company’s unconcolidated partnerships as of December 31, 2024, are summarized in the following two tables (in thousands):
| As of December 31, 2024 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnership |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnership |  | Total Multifamily
Investments in real estate, net | $ | 0 |  |  | 180,928 |  |  | 40,733 |  |  | 124,010 |  |  | 94,020 |  |  | $ | 439,691 |
Cash and restricted cash | 0 |  |  | 5,348 |  |  | 613 |  |  | 2,001 |  |  | 3,104 |  |  | 11,066 |
Unrealized rents & receivables | 0 |  |  | 6,708 |  |  | 0 |  |  | 250 |  |  | 258 |  |  | 7,216 |
Deferred costs | 4,892 |  |  | 1,406 |  |  | 0 |  |  | 138 |  |  | 195 |  |  | 6,631 |
Total Assets | $ | 4,892 |  |  | 194,390 |  |  | 41,346 |  |  | 126,399 |  |  | 97,577 |  |  | $ | 464,604 |
Secured notes payable | $ | 0 |  |  | 108,084 |  |  | 16,000 |  |  | 68,242 |  |  | 79,829 |  |  | $ | 272,155 |
Other liabilities | 0 |  |  | 3,126 |  |  | 856 |  |  | 1,209 |  |  | 2,158 |  |  | 7,349 |
Capital – FRP | 2,446 |  |  | 63,241 |  |  | 3,600 |  |  | 34,874 |  |  | 4,870 |  |  | 109,031 |
Capital – Third Parties | 2,446 |  |  | 19,939 |  |  | 20,890 |  |  | 22,074 |  |  | 10,720 |  |  | 76,069 |
Total Liabilities and Capital | $ | 4,892 |  |  | 194,390 |  |  | 41,346 |  |  | 126,399 |  |  | 97,577 |  |  | $ | 464,604 |
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
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 |
| As of December 31, 2024 |  |
| Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Total Multifamily |  | Grand Total
Investments in real estate, net | $ | 14,354 |  |  | 20,956 |  |  | 16,007 |  |  | 439,691 |  |  | $ | 491,008 |
Cash and restricted cash | 143 |  |  | 144 |  |  | 0 |  |  | 11,066 |  |  | 11,353 |
Unrealized rents & receivables | 0 |  |  | 517 |  |  | 0 |  |  | 7,216 |  |  | 7,733 |
Deferred costs | 1 |  |  | 313 |  |  | 0 |  |  | 6,631 |  |  | 6,945 |
Total Assets | $ | 14,498 |  |  | 21,930 |  |  | 16,007 |  |  | 464,604 |  |  | $ | 517,039 |
Secured notes payable | $ | 0 |  |  | 10,315 |  |  | (10,157) |  |  | 272,155 |  |  | $ | 272,313 |
Other liabilities | 0 |  |  | 285 |  |  | 0 |  |  | 7,349 |  |  | 7,634 |
Capital – FRP | 7,579 |  |  | 5,665 |  |  | 26,164 |  |  | 109,031 |  |  | 148,439 |
Capital - Third Parties | 6,919 |  |  | 5,665 |  |  | 0 |  |  | 76,069 |  |  | 88,653 |
Total Liabilities and Capital | $ | 14,498 |  |  | 21,930 |  |  | 16,007 |  |  | 464,604 |  |  | $ | 517,039 |
| As of December 31, 2023 |  |
| Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily |  | 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 Year ended December 31, |  | Bryant Street Partnerships Total JV Year ended December 31, |  | Bryant Street Partnerships Company Share Year ended December 31, |  | Bryant Street Partnerships Company Share Year ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 13,675 |  |  | $ | 12,633 |  |  | $ | 9,857 |  |  | $ | 7,751 |
Revenue – other | 2,134 |  |  | 2,237 |  |  | 1,538 |  |  | 1,373 |
Total Revenues | 15,809 |  |  | 14,870 |  |  | 11,395 |  |  | 9,124 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 6,825 |  |  | 7,009 |  |  | 4,919 |  |  | 4,301 |
Operating expenses | 6,248 |  |  | 5,731 |  |  | 4,504 |  |  | 3,516 |
Property taxes | 1,411 |  |  | 1,150 |  |  | 1,017 |  |  | 706 |
Total cost of operations | 14,484 |  |  | 13,890 |  |  | 10,440 |  |  | 8,523 |
Total operating profit/(loss) | 1,325 |  |  | 980 |  |  | 955 |  |  | 601 |
Interest expense | (9,956) |  |  | (11,276) |  |  | (7,676) |  |  | (5,159) |
Net loss before tax | $ | (8,631) |  |  | $ | (10,296) |  |  | $ | (6,721) |  |  | $ | (4,558) |
Schedule of Greenville Partnerships | The income statements of the Greenville Partnerships are as follow (in thousands):
| Greenville Partnerships Total JV Year ended December 31, |  | Greenville Partnerships Total JV Year ended December 31, |  | Greenville Partnerships Company Share Year ended December 31, |  | Greenville Partnerships Company Share Year ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 8,918 |  |  | $ | 7,058 |  |  | $ | 3,567 |  |  | $ | 2,823 |
Revenue – other | 800 |  |  | 572 |  |  | 320 |  |  | 229 |
Total Revenues | 9,718 |  |  | 7,630 |  |  | 3,887 |  |  | 3,052 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 3,502 |  |  | 3,241 |  |  | 1,401 |  |  | 1,296 |
Operating expenses | 2,635 |  |  | 2,399 |  |  | 1,054 |  |  | 960 |
Property taxes | 1,670 |  |  | 1,687 |  |  | 668 |  |  | 675 |
Total cost of operations | 7,807 |  |  | 7,327 |  |  | 3,123 |  |  | 2,931 |
Total operating profit/(loss) | 1,911 |  |  | 303 |  |  | 764 |  |  | 121 |
Interest expense | (4,811) |  |  | (3,990) |  |  | (1,924) |  |  | (1,596) |
Net loss before tax | $ | (2,900) |  |  | $ | (3,687) |  |  | $ | (1,160) |  |  | $ | (1,475) |
Schedule of Verge Partnership | The income statements of the Verge Partnership are as follows (in thousands):
| Verge Partnership Total JV Year ended December 31, |  | Verge Partnership Total JV Year ended December 31, |  | Verge Partnership Company Share Year ended December 31, |  | Verge Partnership Company Share Year ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental Revenue | $ | 7,252 |  |  | $ | 3,575 |  |  | $ | 4,451 |  |  | $ | 2,194 |
Revenue – other | 981 |  |  | 537 |  |  | 602 |  |  | 330 |
Total Revenues | 8,233 |  |  | 4,112 |  |  | 5,053 |  |  | 2,524 |
Cost of operations: |  |  |  |  |  |  |
Depreciation and amortization | 4,302 |  |  | 4,006 |  |  | 2,640 |  |  | 2,458 |
Operating expenses | 3,051 |  |  | 2,798 |  |  | 1,873 |  |  | 1,718 |
Property taxes | 1,059 |  |  | 997 |  |  | 650 |  |  | 612 |
Total cost of operations | 8,412 |  |  | 7,801 |  |  | 5,163 |  |  | 4,788 |
Total operating loss | (179) |  |  | (3,689) |  |  | (110) |  |  | (2,264) |
Interest expense | (4,876) |  |  | (5,350) |  |  | (2,992) |  |  | (3,283) |
Net loss before tax | $ | (5,055) |  |  | $ | (9,039) |  |  | $ | (3,102) |  |  | $ | (5,547) |

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