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Investments in Joint Ventures (Tables)

12 Months Ended

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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Equity Method Investment Summarized Financial Information Investment In Real Estate Net

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Investments in Multifamily Joint Ventures

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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.

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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

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