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Subsequent Events | 9 Months Ended
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Sep. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events. On October 21, 2025, subsequent to quarters end, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. Altman Logistics held minority interests in a portfolio of institutional-grade industrial assets under various stages of development (including the Company’s industrial developments in Lakeland and Broward County, FL) as well as a contract for the purchase of an industrial land parcel. The purchase price was $33.5 million, which included a $10.0 million reimbursement to Altman for the assignment of a bank account held by a special purpose entity that is the guarantor for approximately $49.0 million on $121.8 million in construction debt. As a result, the net cash requirement was $23.5 million. At closing, $45.3 million of the $121.8 million in total construction financing had been drawn, resulting in a $5.2 million share of debt attributable to the Company. In addition, the Company expects to record additional liabilities related to employee compensation tied to promote participation upon stabilization and sale of the projects. The following table details the projects purchased and the square feet (SF) of the warehouses:
City | Street Address | 36’ Clear Height SF | Ownership Acquired | Status
Delray Beach, FL | 14130 S State Rd. 7 | 199,476 | 10%(1) | Substantial completion Q4 2025
Delray Beach, FL | 14130 S State Rd. 7 | 392,976 | 10% (1) | Land for 2 warehouses
Hamilton, NJ | 600 Horizon Dr. | 170,800 | 8.5% (1) | Substantial completion Q4 2025
Parsippany, NJ | 8 Lanidex Plaza W. | 140,031 | 10% (1) | Substantial completion Q1 2026
Lakeland, FL | 8161 State Rd. 33 | 201,420 | 10% (2) | Substantial completion Q2 2026
Davie, FL | 6900 W. State Rd 84 | 182,773 | 20% (2) | Substantial completion Q2 2026
|  | 1,287,476 |  |
Southwest Ranches, FL | SW 202 nd Ave. & Sheridan St. | 335,617 |  | Land acquisition contract 2026
(1)General Partner investment, distributions will be based upon waterfall model. (2)FRP already owns the remaining portion.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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