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Investments in Joint Ventures

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

Investments in Joint Ventures.

The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are not consolidated and are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of these joint ventures are restricted to use by the joint ventures and their obligations are non-recourse to FRP as to their principal balances and can only be settled by their assets.

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)

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

						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

The Company’s capital recorded by the unconsolidated Joint Ventures is $5,524,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest.

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

			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

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(32,067,000) and $(30,513,000) as of March 31, 2025 and December 31, 2024, respectively.

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)

Interest expense for the three months ended March 31, 2025 and 2024 for the JV and the Company share includes $124,000 loan guarantee expense.

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)

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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- References

No definition available.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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