Investments in Joint Ventures

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

(11) 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 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 can only be settled by their assets or additional contributions by the partners.

The following table summarizes the Company’s Investments in unconsolidated joint ventures (in thousands):

								The
								Company's
								Share of Profit
	Common			Total	Total Assets of	Profit (Loss)		(Loss) of the
	Ownership			Investment	The Partnership	Of the Partnership		Partnership (1)
As of March 31, 2022
Brooksville Quarry, LLC	50.00	%	$	7,475	14,319	(23	)	(12	)
BC FRP Realty, LLC	50.00	%		5,494	22,239	(72	)	(36	)
Bryant Street Partnerships	61.36	%		59,420	203,870	(2,251	)	(1,509	)
Aberdeen Station Loan				638	638	—		—
DST Hickory Creek	26.65	%		6,000	45,679	(127	)	85
Amber Ridge Loan				8,912	8,912	—		—
1800 Half St. Owner, LLC	61.37	%		38,935	107,219	—		—
Greenville/Woodfield Partnerships	40.00	%		16,131	90,759	(330	)	(132	)
Total			$	143,005	493,635	(2,803	)	(1,604	)
								The
								Company's
								Share of Profit
	Common			Total	Total Assets of	Profit (Loss)		(Loss) of the
	Ownership			Investment	The Partnership	Of the Partnership		Partnership (1)
As of December 31, 2021
Brooksville Quarry, LLC	50.00	%	$	7,488	14,301	(82	)	(41	)
BC FRP Realty, LLC	50.00	%		5,530	22,470	(230	)	(115	)
Riverfront Holdings II, LLC (1)				—	—	(760	)	(628	)
Bryant Street Partnerships	61.36	%		59,558	204,082	(6,084	)	(4,954	)
Aberdeen Station Loan				514	514	—		—
DST Hickory Creek	26.65	%		6,000	46,048	(481	)	343
Amber Ridge Loan				11,466	11,466	—		—
1800 Half St. Owner, LLC	61.37	%		38,693	93,932	12		20
Greenville/Woodfield Partnerships	40.00	%		16,194	87,731	(948	)	(379	)
Total			$	145,443	480,544	(8,573	)	(5,754	)

(1): Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships included $234,000 in 2021 for the Company’s share of preferred interest and $118,000 in 2022 and $118,000 in the first quarter of 2021 for amortization of guarantee liability related to the Bryant Street loan.

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of March 31, 2022 are summarized in the following two tables (in thousands):

	As of March 31, 2022										Total
	Riverfront		Bryant Street		DST Hickory		1800 Half St.		Greenville/		Apartment/
	Holdings II, LLC		Partnership		Creek		Partnership		Woodfield		Mixed Use
Investments in real estate, net	$	0		197,423		43,567		106,789		90,234	$	438,013
Cash and cash equivalents		0		1,268		673		430		346		2,717
Unrealized rents & receivables		0		4,923		1,119		0		7		6,049
Deferred costs		0		256		320		0		172		748
Total Assets	$	0		203,870		45,679		107,219		90,759	$	447,527
Secured notes payable	$	0		123,850		29,348		37,058		48,957	$	239,213
Other liabilities		0		5,241		180		9,102		3,172		17,695
Capital - FRP		0		56,874		4,304		37,479		15,452		114,109
Capital – Third Parties		0		17,905		11,847		23,580		23,178		76,510
Total Liabilities and Capital	$	0		203,870		45,679		107,219		90,759	$	447,527

	As of March 31, 2022
	Brooksville		BC FRP		Aberdeen		Amber Ridge		Apartment/		Grand
	Quarry, LLC		Realty, LLC		Loan		Loan		Mixed Use		Total
Investments in real estate, net	$	14,280		21,436		638		8,912		438,013	$	483,279
Cash and cash equivalents		33		164		0		0		2,717		2,914
Unrealized rents & receivables		0		447		0		0		6,049		6,496
Deferred costs		6		192		0		0		748		946
Total Assets	$	14,319		22,239		638		8,912		447,527	$	493,635
Secured notes payable	$	0		11,191		0		0		239,213	$	250,404
Other liabilities		42		162		0		0		17,695		17,899
Capital - FRP		7,475		5,443		638		8,912		114,109		136,577
Capital - Third Parties		6,802		5,443		0		0		76,510		88,755
Total Liabilities and Capital	$	14,319		22,239		638		8,912		447,527	$	493,635

The Company’s capital recorded by the unconsolidated Joint Ventures is $6,429,000 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, 2021 are summarized in the following two tables (in thousands):

	As of December 31, 2021										Total
	Riverfront		Bryant Street		DST Hickory		1800 Half St.		Greenville/		Apartment/
	Holdings II, LLC		Partnership		Creek		Partnership		Woodfield		Mixed Use
Investments in real estate, net	$	0		199,730		43,840		93,504		87,421	$	424,495
Cash and cash equivalents		0		1,123		827		428		279		2,657
Unrealized rents & receivables		0		2,925		1,044		0		5		3,974
Deferred costs		0		304		337		0		26		667
Total Assets	$	0		204,082		46,048		93,932		87,731	$	431,793
Secured notes payable	$	0		119,201		29,337		18,404		44,309	$	211,251
Other liabilities		0		9,066		115		14,470		4,462		28,113
Capital - FRP		0		57,555		4,423		37,478		15,584		115,040
Capital – Third Parties		0		18,260		12,173		23,580		23,376		77,389
Total Liabilities and Capital	$	0		204,082		46,048		93,932		87,731	$	431,793

	As of December 31, 2021
	Brooksville		BC FRP		Aberdeen		Amber Ridge		Apartment/		Grand
	Quarry, LLC		Realty, LLC		Loan		Loan		Mixed Use		Total
Investments in real estate, net	$	14,281		21,561		514		11,466		424,495	$	472,317
Cash and cash equivalents		18		312		0		0		2,657		2,987
Unrealized rents & receivables		0		368		0		0		3,974		4,342
Deferred costs		2		229		0		0		667		898
Total Assets	$	14,301		22,470		514		11,466		431,793	$	480,544
Secured notes payable	$	0		11,384		0		0		211,251	$	222,635
Other liabilities		0		140		0		0		28,113		28,253
Capital - FRP		7,488		5,473		514		11,466		115,040		139,981
Capital - Third Parties		6,813		5,473		0		0		77,389		89,675
Total Liabilities and Capital	$	14,301		22,470		514		11,466		431,793	$	480,544

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(10,112,000) and $(8,942,000) as of March 31, 2022 and December 31, 2021, respectively.

The income statements of the Bryant Street Partnerships are as follows (in thousands):

	Bryant Street			Bryant Street			Bryant Street			Bryant Street
	Partnerships			Partnerships			Partnerships			Partnerships
	Total JV			Total JV			Company Share			Company Share
	Three Months ended			Three Months ended			Three Months ended			Three Months ended
	March 31,			March 31,			March 31,			March 31,
	2022			2021			2022			2021
Revenues:
Rental Revenue	$	1,820		$	17		$	1,116			$	10
Revenue – other		348			19			214				12
Total Revenues		2,168			36			1,330				22
Cost of operations:
Depreciation and amortization		1,497			366			919				225
Operating expenses		1,330			507			815				311
Property taxes		127			0			78				0
Total cost of operations		2,954			873			1,812				536
Total operating loss		(786	)		(837	)		(482	)			(514	)
Interest expense		(1,465	)		(300	)		(1,027	)			(547	)
Net loss before tax	$	(2,251	)	$	(1,137	)	$	(1,509	)		$	(1,061	)

The income statements of the Greenville Woodfield Partnership are as follows (in thousands):

	Woodfield			Woodfield
	Partnership			Partnership
	Total JV			Company Share
	Three Months ended			Three Months ended
	March 31,			March 31,
	2022			2022
Revenues:
Rental Revenue	$	570		$	228
Revenue – other		36			14
Total Revenues		606			242
Cost of operations:
Depreciation and amortization		384			154
Operating expenses		262			104
Property taxes		159			64
Total cost of operations		805			322
Total operating loss		(199	)		(80	)
Interest expense		(131	)		(52	)
Net loss before tax	$	(330	)	$	(132	)