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Investments in Joint Ventures (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,566 |  |  | 14,494 |  |  | (24) |  |  | (12) |
BC FRP Realty, LLC | 50.00 | % |  | 5,815 |  |  | 21,965 |  |  | 142 |  |  | 71 |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,456 |  |  | 4,912 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.10 | % |  | 63,992 |  |  | 192,146 |  |  | (1,694) |  |  | (1,256) |
Lending ventures |  |  | 23,160 |  |  | 13,308 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 3,737 |  |  | 41,605 |  |  | — |  |  | — |
The Verge Partnership | 61.37 | % |  | 36,578 |  |  | 125,281 |  |  | (927) |  |  | (569) |
Greenville Partnerships | 40.00 | % |  | 4,998 |  |  | 95,547 |  |  | (662) |  |  | (265) |
Total |  |  | $ | 148,302 |  |  | 509,258 |  |  | (3,165) |  |  | (2,031) |
Schedule of Investments in Multifamily Joint Ventures | The major classes of assets, liabilities and equity of the Company’s Investments in unconsolidated Joint Ventures as of March 31, 2025 are summarized in the following two tables (in thousands):
| As of March 31, 2025 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnerships |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnerships |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 179,276 |  |  | 41,347 |  |  | 122,967 |  |  | 93,294 |  |  | $ | 436,884 |  |
Cash and restricted cash | 0 |  |  | 4,812 |  |  | 258 |  |  | 1,954 |  |  | 2,025 |  |  | 9,049 |  |
Unrealized rents & receivables | 0 |  |  | 6,793 |  |  | 0 |  |  | 244 |  |  | 92 |  |  | 7,129 |  |
Deferred costs | 4,912 |  |  | 1,265 |  |  | 0 |  |  | 116 |  |  | 136 |  |  | 6,429 |  |
Total Assets | $ | 4,912 |  |  | 192,146 |  |  | 41,605 |  |  | 125,281 |  |  | 95,547 |  |  | $ | 459,491 |  |
Secured notes payable | $ | 0 |  |  | 108,014 |  |  | 16,000 |  |  | 68,306 |  |  | 79,896 |  |  | $ | 272,216 |  |
Other liabilities | 0 |  |  | 2,646 |  |  | 54 |  |  | 954 |  |  | 1,353 |  |  | 5,007 |  |
Capital – FRP | 2,456 |  |  | 61,984 |  |  | 3,600 |  |  | 34,305 |  |  | 3,970 |  |  | 106,315 |  |
Capital – Third Parties | 2,456 |  |  | 19,502 |  |  | 21,951 |  |  | 21,716 |  |  | 10,328 |  |  | 75,953 |  |
Total Liabilities and Capital | $ | 4,912 |  |  | 192,146 |  |  | 41,605 |  |  | 125,281 |  |  | 95,547 |  |  | $ | 459,491 |  |
The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures 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 JV’s |
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 |  |
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 |  | $ | 14,353 |  |  | 20,926 |  |  | 13,308 |  |  | 436,884 |  |  | $ | 485,471 |  |
Cash and restricted cash |  | 134 |  |  | 211 |  |  | 0 |  |  | 9,049 |  |  | 9,394 |  |
Unrealized rents & receivables |  | 0 |  |  | 579 |  |  | 0 |  |  | 7,129 |  |  | 7,708 |  |
Deferred costs |  | 7 |  |  | 249 |  |  | 0 |  |  | 6,429 |  |  | 6,685 |  |
Total Assets |  | $ | 14,494 |  |  | 21,965 |  |  | 13,308 |  |  | 459,491 |  |  | $ | 509,258 |  |
Secured notes payable |  | $ | 0 |  |  | 10,233 |  |  | (9,852) |  |  | 272,216 |  |  | $ | 272,597 |  |
Other liabilities |  | 22 |  |  | 258 |  |  | 0 |  |  | 5,007 |  |  | 5,287 |  |
Capital – FRP |  | 7,566 |  |  | 5,737 |  |  | 23,160 |  |  | 106,315 |  |  | 142,778 |  |
Capital – Third Parties |  | 6,906 |  |  | 5,737 |  |  | 0 |  |  | 75,953 |  |  | 88,596 |  |
Total Liabilities and Capital |  | $ | 14,494 |  |  | 21,965 |  |  | 13,308 |  |  | 459,491 |  |  | $ | 509,258 |  |
| As of December 31, 2024 |  |
| Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | 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 |
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
| Three Months ended |  | Three Months ended |  | Three Months ended |  | Three Months ended
| March 31, |  | March 31, |  | March 31, |  | March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 4,042 |  |  | 3,837 |  |  | 2,914 |  |  | 2,767 |
Depreciation and amortization | 1,659 |  |  | 1,708 |  |  | 1,196 |  |  | 1,232 |
Operating expenses | 1,453 |  |  | 1,393 |  |  | 1,049 |  |  | 1,005 |
Property taxes | 317 |  |  | 363 |  |  | 228 |  |  | 261 |
Cost of operations | 3,429 |  |  | 3,464 |  |  | 2,473 |  |  | 2,498 |
Total operating profit | 613 |  |  | 373 |  |  | 441 |  |  | 269 |
Interest expense | (2,307) |  |  | (2,684) |  |  | (1,697) |  |  | (1,969) |
Net loss before tax | $ | (1,694) |  |  | $ | (2,311) |  |  | $ | (1,256) |  |  | $ | (1,700) |
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
| Three Months ended |  | Three Months ended |  | Three Months ended |  | Three Months ended
| March 31, |  | March 31, |  | March 31, |  | March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 2,599 |  |  | 2,366 |  |  | 1,040 |  |  | 946 |
Depreciation and amortization | 878 |  |  | 870 |  |  | 352 |  |  | 347 |
Operating expenses | 676 |  |  | 611 |  |  | 270 |  |  | 245 |
Property taxes | 491 |  |  | 454 |  |  | 196 |  |  | 182 |
Cost of operations | 2,045 |  |  | 1,935 |  |  | 818 |  |  | 774 |
Total operating profit | 554 |  |  | 431 |  |  | 222 |  |  | 172 |
Interest expense | (1,216) |  |  | (1,164) |  |  | (487) |  |  | (465) |
Net loss before tax | $ | (662) |  |  | $ | (733) |  |  | $ | (265) |  |  | $ | (293) |
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
| Three Months ended |  | Three Months ended |  | Three Months ended |  | Three Months ended
| March 31, |  | March 31, |  | March 31, |  | March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 2,273 |  |  | 1,988 |  |  | 1,395 |  |  | 1,220 |
Depreciation and amortization | 1,053 |  |  | 1,043 |  |  | 646 |  |  | 640 |
Operating expenses | 751 |  |  | 779 |  |  | 461 |  |  | 478 |
Property taxes | 326 |  |  | 264 |  |  | 200 |  |  | 162 |
Cost of operations | 2,130 |  |  | 2,086 |  |  | 1,307 |  |  | 1,280 |
Total operating profit/(loss) | 143 |  |  | (98) |  |  | 88 |  |  | (60) |
Interest expense | (1,070) |  |  | (1,495) |  |  | (657) |  |  | (918) |
Net loss before tax | $ | (927) |  |  | $ | (1,593) |  |  | $ | (569) |  |  | $ | (978) |

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