Investments in Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in unconsolidated joint ventures

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 December 31, 2022
Brooksville Quarry, LLC	50.00	%	$	7,522	14,374	(84	)	(42	)
BC FRP Realty, LLC	50.00	%		5,453	21,825	(358	)	(175	)
Buzzard Point Sponsor, LLC	50.00	%		1,453	2,906	—		—
Bryant Street Partnerships	61.36	%		55,561	199,774	(10,339	)	(6,829	)
Lending ventures				16,476	5,577	—		—
DST Hickory Creek	26.65	%		—	—	10,960		3,164
Estero Partnership	16.00	%		3,600	38,505	—		—
1800 Half St. Owner, LLC	61.37	%		38,471	131,128	(1,841	)	(1,129	)
Greenville Partnerships	40.00	%		11,989	96,551	(1,775	)	(710	)
Total			$	140,525	510,640	(3,437	)	(5,721	)

								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 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 includes $747,000 in 2021 for the Company’s share of preferred interest and $471,000 in 2021 for amortization of guarantee liability related to the Bryant Street loan.

Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2022

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

	As of December 31, 2022										Total
	Buzzard Point		Bryant Street		Estero		1800 Half St.		Greenville		Apartment/
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		Mixed-Use
Investments in real estate, net	$	0		192,904		33,008		130,616		95,883	$	452,411
Cash and cash equivalents		0		1,349		5,497		359		567		7,772
Unrealized rents & receivables		0		5,128		0		14		13		5,155
Deferred costs		2,906		393		0		139		88		3,526
Total Assets	$	2,906		199,774		38,505		131,128		96,551	$	468,864
Secured notes payable	$	0		129,263		16,000		66,584		64,954	$	276,801
Other liabilities		0		2,338		5		5,328		3,014		10,685
Capital - FRP		1,453		53,553		3,600		36,348		11,087		106,041
Capital – Third Parties		1,453		14,620		18,900		22,868		17,496		75,337
Total Liabilities and Capital	$	2,906		199,774		38,505		131,128		96,551	$	468,864

Investments in Joint Ventures as of December 31, 2022

	As of December 31, 2022									Total
	Brooksville		BC FRP		Lending			Apartment/		Grand
	Quarry, LLC		Realty, LLC		Ventures			Mixed-Use		Total
Investments in real estate, net	$	14,307		21,059		5,547			452,411	$	493,324
Cash and cash equivalents		66		99		0			7,772		7,937
Unrealized rents & receivables		0		422		0			5,155		5,577
Deferred costs		1		245		30			3,526		3,802
Total Assets	$	14,374		21,825		5,577			468,864	$	510,640
Secured notes payable	$	0		10,899		(10,899	)		276,801	$	276,801
Other liabilities		0		338		0			10,685		11,023
Capital – FRP		7,522		5,294		16,476			106,041		135,333
Capital - Third Parties		6,852		5,294		0			75,337		87,483
Total Liabilities and Capital	$	14,374		21,825		5,577			468,864	$	510,640

Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021

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

Investments in Joint Ventures as of December 31, 2021

	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

Bryant Street Partnerships

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
	Year ended			Year ended			Year ended			Year ended
	December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021
Revenues:
Rental Revenue	$	9,586		$	2,376		$	5,882			$	1,458
Revenue – other		1,766			318			1,084				195
Total Revenues		11,352			2,694			6,966				1,653
Cost of operations:
Depreciation and amortization		6,737			2,842			4,134				1,744
Operating expenses		5,428			3,163			3,331				1,941
Property taxes		1,376			398			844				244
Total cost of operations		13,541			6,403			8,309				3,929
Total operating loss		(2,189	)		(3,709	)		(1,343	)			(2,276	)
Interest expense		(8,150	)		(2,375	)		(5,486	)			(2,678	)
Net loss before tax	$	(10,339	)	$	(6,084	)	$	(6,829	)		$	(4,954	)

Greenville Woodfield Riverside Partnership

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

Woodfield	Woodfield
Riverside Partnership	Riverside Partnership
Total JV	Company Share
Year ended	Year ended
December 31,	December 31,
2022	2022

Revenues:
Rental Revenue	$	3,146		$	1,259
Revenue – other		176			70
Total Revenues		3,322			1,329
Cost of operations:
Depreciation and amortization		1,557			623
Operating expenses		1,207			483
Property taxes		778			311
Total cost of operations		3,542			1,417
Total operating loss		(220	)		(88	)
Interest expense		(1,113	)		(445	)
Net loss before tax	$	(1,333	)	$	(533	)