XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.25.3

Investments in Joint Ventures (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2025 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,541 |  |  | 14,489 |  |  | (72) |  |  | (36) |
BC FRP Realty, LLC | 50.00 | % |  | 4,865 |  |  | 23,647 |  |  | 518 |  |  | 259 |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,536 |  |  | 5,072 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.08 | % |  | 60,938 |  |  | 188,200 |  |  | (5,111) |  |  | (4,058) |
Lending ventures |  |  | 13,749 |  |  | 10,339 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 6,971 |  |  | 55,257 |  |  | — |  |  | — |
The Verge Partnership | 61.37 | % |  | 34,922 |  |  | 122,840 |  |  | (3,127) |  |  | (1,919) |
Greenville Partnerships | 56.52 | % |  | 11,776 |  |  | 108,044 |  |  | (2,203) |  |  | (881) |
Total |  |  | $ | 143,298 |  |  | 527,888 |  |  | (9,995) |  |  | (6,635) |
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 September 30, 2025 are summarized in the following two tables (in thousands):
| As of September 30, 2025 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnerships |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnerships |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 175,779 |  |  | 48,532 |  |  | 120,932 |  |  | 103,252 |  |  | $ | 448,495 |  |
Cash and restricted cash | 0 |  |  | 4,071 |  |  | 6,725 |  |  | 1,509 |  |  | 4,597 |  |  | 16,902 |  |
Unrealized rents & receivables | 0 |  |  | 6,956 |  |  | 0 |  |  | 217 |  |  | 76 |  |  | 7,249 |  |
Deferred costs | 5,072 |  |  | 1,394 |  |  | 0 |  |  | 182 |  |  | 119 |  |  | 6,767 |  |
Total Assets | $ | 5,072 |  |  | 188,200 |  |  | 55,257 |  |  | 122,840 |  |  | 108,044 |  |  | $ | 479,413 |  |
Secured notes payable | $ | 0 |  |  | 108,512 |  |  | 8,000 |  |  | 68,434 |  |  | 80,034 |  |  | $ | 264,980 |  |
Other liabilities | 0 |  |  | 2,570 |  |  | 427 |  |  | 1,085 |  |  | 5,016 |  |  | 9,098 |  |
Capital – FRP | 2,536 |  |  | 58,338 |  |  | 6,828 |  |  | 32,648 |  |  | 10,898 |  |  | 111,248 |  |
Capital – Third Parties | 2,536 |  |  | 18,780 |  |  | 40,002 |  |  | 20,673 |  |  | 12,096 |  |  | 94,087 |  |
Total Liabilities and Capital | $ | 5,072 |  |  | 188,200 |  |  | 55,257 |  |  | 122,840 |  |  | 108,044 |  |  | $ | 479,413 |  |
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 |  | $ | 14,351 |  |  | 21,467 |  |  | 10,339 |  |  | 448,495 |  |  | $ | 494,652 |  |
Cash and restricted cash |  | 136 |  |  | 1,317 |  |  | 0 |  |  | 16,902 |  |  | 18,355 |  |
Unrealized rents & receivables |  | 0 |  |  | 483 |  |  | 0 |  |  | 7,249 |  |  | 7,732 |  |
Deferred costs |  | 2 |  |  | 380 |  |  | 0 |  |  | 6,767 |  |  | 7,149 |  |
Total Assets |  | $ | 14,489 |  |  | 23,647 |  |  | 10,339 |  |  | 479,413 |  |  | $ | 527,888 |  |
Secured notes payable |  | $ | 0 |  |  | 13,878 |  |  | (3,596) |  |  | 264,980 |  |  | $ | 275,262 |  |
Other liabilities |  | 65 |  |  | 285 |  |  | 187 |  |  | 9,098 |  |  | 9,635 |  |
Capital – FRP |  | 7,541 |  |  | 4,742 |  |  | 13,748 |  |  | 111,248 |  |  | 137,279 |  |
Capital – Third Parties |  | 6,883 |  |  | 4,742 |  |  | 0 |  |  | 94,087 |  |  | 105,712 |  |
Total Liabilities and Capital |  | $ | 14,489 |  |  | 23,647 |  |  | 10,339 |  |  | 479,413 |  |  | $ | 527,888 |  |
| 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 Income Statements 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
| Nine months ended |  | Nine months ended |  | Nine months ended |  | Nine months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 12,362 |  |  | 11,814 |  |  | 8,911 |  |  | 8,510 |
Depreciation and amortization | 5,211 |  |  | 5,139 |  |  | 3,756 |  |  | 3,702 |
Operating expenses | 4,472 |  |  | 4,394 |  |  | 3,229 |  |  | 3,165 |
Property taxes | 1,041 |  |  | 1,051 |  |  | 749 |  |  | 757 |
Cost of operations | 10,724 |  |  | 10,584 |  |  | 7,734 |  |  | 7,624 |
Total operating profit | 1,638 |  |  | 1,230 |  |  | 1,177 |  |  | 886 |
Interest expense | (6,749) |  |  | (7,978) |  |  | (5,235) |  |  | (5,855) |
Net loss before tax | $ | (5,111) |  |  | $ | (6,748) |  |  | $ | (4,058) |  |  | $ | (4,969) |
Schedule of Income Statements 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
| Nine months ended |  | Nine months ended |  | Nine months ended |  | Nine months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 7,893 |  |  | 7,276 |  |  | 3,157 |  |  | 2,910 |
Depreciation and amortization | 2,636 |  |  | 2,625 |  |  | 1,055 |  |  | 1,050 |
Operating expenses | 2,142 |  |  | 1,958 |  |  | 856 |  |  | 782 |
Property taxes | 1,468 |  |  | 1,129 |  |  | 587 |  |  | 452 |
Cost of operations | 6,246 |  |  | 5,712 |  |  | 2,498 |  |  | 2,284 |
Total operating profit | 1,647 |  |  | 1,564 |  |  | 659 |  |  | 626 |
Interest expense | (3,850) |  |  | (3,509) |  |  | (1,540) |  |  | (1,404) |
Net loss before tax | $ | (2,203) |  |  | $ | (1,945) |  |  | $ | (881) |  |  | $ | (778) |
Schedule of Income Statements 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
| Nine months ended |  | Nine months ended |  | Nine months ended |  | Nine months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 6,774 |  |  | 6,116 |  |  | 4,157 |  |  | 3,753 |
Depreciation and amortization | 3,190 |  |  | 3,250 |  |  | 1,957 |  |  | 1,995 |
Operating expenses | 2,402 |  |  | 2,301 |  |  | 1,475 |  |  | 1,411 |
Property taxes | 1,008 |  |  | 743 |  |  | 618 |  |  | 456 |
Cost of operations | 6,600 |  |  | 6,294 |  |  | 4,050 |  |  | 3,862 |
Total operating profit/(loss) | 174 |  |  | (178) |  |  | 107 |  |  | (109) |
Interest expense | (3,301) |  |  | (3,791) |  |  | (2,026) |  |  | (2,327) |
Net loss before tax | $ | (3,127) |  |  | $ | (3,969) |  |  | $ | (1,919) |  |  | $ | (2,436) |

X
- Definition Equity Method Investment Summarized Financial Information Investment In Real Estate Net + References No definition available. + Details
Name: | frph_EquityMethodInvestmentSummarizedFinancialInformationInvestmentInRealEstateNetTableTextBlock
Namespace Prefix: | frph_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Equity Method Investment Summarized Financial Information Investment Income Statements Greenville Woodfield + References No definition available. + Details
Name: | frph_EquityMethodInvestmentSummarizedFinancialInformationInvestmentIncomeStatementsGreenvilleWoodfieldTableTextBlock
Namespace Prefix: | frph_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Equity Method Investment Summarized Financial Information Investment Income Statements + References No definition available. + Details
Name: | frph_EquityMethodInvestmentSummarizedFinancialInformationInvestmentIncomeStatementsTableTextBlock
Namespace Prefix: | frph_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition EquityMethodInvestmentSummarizedFinancialInformationInvestmentIncomeStatementsVerge + References No definition available. + Details
Name: | frph_EquityMethodInvestmentSummarizedFinancialInformationInvestmentIncomeStatementsVergeTableTextBlock
Namespace Prefix: | frph_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Investments in Multifamily Joint Ventures + References No definition available. + Details
Name: | frph_InvestmentsInMultifamilyJointVenturesTableTextBlock
Namespace Prefix: | frph_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References 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 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration